India secures preferential access to two-thirds of global trade through FTAs: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that India now enjoys preferential trade access to nearly two-thirds of global trade through a series of free trade agreements concluded under the leadership of Prime Minister Narendra Modi.

Virtually addressing the 5th CII National Exports Competitiveness Summit in Chennai, the Minister said that at a time when the world is facing uncertainty, India is building “bridges of trade, trust and transformation” through high-quality trade partnerships.

Goyal said that all nine FTAs signed under the present government have been with developed economies that complement India’s growth trajectory. He underlined that no nation can become developed without integrating with the global economy, reiterating the government’s commitment to reform, perform and transform.

Highlighting the pace of trade engagement, the Minister said that within a span of six hours he had participated in three FTA-related discussions. India signed a Joint Statement launching FTA negotiations with the six-nation bloc of the Gulf Cooperation Council (GCC). He also met the Israeli negotiating team to advance talks on a proposed FTA and is scheduled to hold discussions with Chile to conclude a new-age agreement that would provide India greater access to critical minerals.

The Minister further informed that the Prime Minister of Canada is expected to visit India shortly, and both sides are hopeful of finalising the terms of reference and formally launching FTA negotiations later this week. He described this expanding network of trade agreements as part of India’s strategy to de-risk its economy through diversified partnerships.

Goyal said tangible outcomes are already visible. Merchandise trade with Australia and the UAE has doubled since India signed FTAs with these countries in recent years.

Referring to the recently launched Export Promotion Mission, the Minister said the initiative aims to support micro, small and medium enterprises by improving access to credit, reducing operational costs, helping them meet international standards, and addressing structural bottlenecks affecting exports.

Outlining the roadmap for transforming India’s export landscape, Goyal stressed the need to take FTAs to the grassroots level through greater awareness and training so that districts, clusters and MSMEs can fully utilise tariff advantages.

He said quality must be treated as non-negotiable, describing it as the passport to global markets. Recalling the Prime Minister’s “Zero Defect, Zero Effect” vision, he urged exporters to embed high standards into their production processes.

The Minister also called for moving up the value chain, encouraging exporters to focus on higher value-added products that generate better margins and employment. In addition, he urged industry bodies and large corporations to partner with MSMEs and build local export ecosystems across districts and smaller towns.

Describing India’s export growth story as one driven by confidence and resilience, Goyal said the government’s role is to provide clear pathways, accessible support and real opportunities to exporters across the country.