FTAs Open Access To US$60 Trillion Markets, Says Piyush Goyal
India’s recent Free Trade Agreements (FTAs) with major global economies are providing Indian businesses access to markets worth nearly US$ 60 trillion, strengthening the country’s export competitiveness and supporting its ambition to emerge as a global manufacturing and export hub, Union Commerce and Industry Minister Piyush Goyal has said.
Sharing a video message on social media platform X, Goyal highlighted the government’s strategy of pursuing trade agreements to expand market access for Indian exporters, attract investments and integrate domestic industries with global value chains.
According to the minister, the FTAs negotiated under the leadership of Prime Minister Narendra Modi are creating new opportunities across sectors by reducing or eliminating tariffs in key export markets. Industries such as textiles, gems and jewellery, engineering goods and pharmaceuticals are expected to benefit significantly from preferential market access under these agreements.
The government maintains that while opening new export opportunities, the trade agreements also safeguard sensitive sectors such as agriculture and dairy through calibrated market access provisions.
Beyond exports, the FTAs are expected to attract substantial foreign investment, boost domestic manufacturing and generate employment by encouraging global companies to strengthen their presence in India. The agreements are also expected to support the country’s integration into international supply chains and enhance its role in global trade.
India has intensified its efforts in recent years to conclude trade agreements with key economies as part of a broader strategy to diversify export markets, improve competitiveness and expand manufacturing capabilities.
The emphasis on trade partnerships comes at a time when India’s export performance continues to strengthen. According to data presented in Parliament by Minister of State for Commerce and Industry Jitin Prasada, the country recorded its highest-ever exports of US$863.1 billion in FY 2025-26.
Of the total exports, merchandise exports accounted for US$ 441.8 billion, while services exports reached US$ 421.3 billion, reflecting the growing contribution of both goods and services sectors to India’s trade growth.
The government views FTAs as a key pillar of its long-term economic strategy, aimed at enhancing market access, driving investments and positioning India as a leading player in global trade and manufacturing.
