India Secures Trade Access to Two-Thirds of Global Market: Goyal

Union Minister of Commerce and Industry Shri Piyush Goyal today said India now enjoys preferential trade access to nearly two-thirds of global trade, positioning the country as a key bridge-builder in an increasingly uncertain global economic environment.

Virtually addressing the 5th CII National Exports Competitiveness Summit in Chennai, Shri Goyal said that while much of the world grapples with economic volatility and geopolitical tensions, India is building "bridges of trade, trust and transformation" through a strategic network of high-quality free trade agreements (FTAs).

Nine FTAs with Developed Economies

The Minister noted that all nine FTAs concluded under Prime Minister Narendra Modi's leadership have been signed with developed economies that complement India's growth trajectory rather than compete with it.

"No nation can become developed without opening its doors to the global economy," Shri Goyal said, reiterating the government's commitment to reform, perform and transform.

He described India's FTA expansion as unprecedented in scale and ambition, forming part of a deliberate strategy to diversify partnerships and de-risk supply chains.

Rapid Trade Engagement Across Regions

Highlighting the pace of India's trade diplomacy, Shri Goyal said he had participated in three FTA-related engagements within six hours:

• India signed a joint statement to launch FTA negotiations with the six-nation Gulf Cooperation Council (GCC).

• Discussions were advanced with Israel to finalise a comprehensive FTA.

• Talks are scheduled with Chile to conclude a new-age FTA focused on securing access to critical minerals.

He further informed that the Prime Minister of Canada is expected to visit India shortly, with both sides hopeful of finalising terms of reference and formally launching FTA negotiations later this week.

Tangible Trade Gains

According to the Minister, the benefits of these agreements are already visible.

Merchandise trade with Australia and the UAE has doubled since the implementation of FTAs with those countries, demonstrating the impact of strategic trade liberalisation.

He stressed that the summit's theme — Reform, Perform and Transform — is not merely a slogan but the core operating philosophy of the government.

Export Promotion Mission for MSMEs

Referring to the recently launched Export Promotion Mission, Shri Goyal said the initiative is designed to empower micro, small and medium enterprises (MSMEs), which form the backbone of India's export economy.

The mission aims to:

• Improve access to credit

• Reduce operational costs

• Help MSMEs meet international compliance standards

• Facilitate exports to advanced markets such as the EU

• Address structural bottlenecks

He underscored that strengthening MSME competitiveness is central to achieving sustained export growth.

Four Pillars of Export Transformation

Shri Goyal outlined four strategic pathways to transform India's export ecosystem:

1. Grassroots Awareness of FTAs

FTA benefits must reach districts, industrial clusters and factory floors. The Minister called for training programmes and physical outreach to ensure exporters understand tariff reductions and market access opportunities.

2. Quality as a Non-Negotiable

"Quality is the passport to global markets," he said, adding that standards are entry tickets, not barriers. The Prime Minister's "Zero Defect, Zero Effect" (ZED) vision must become embedded in every exporter's DNA.

3. Moving Up the Value Chain

The Minister urged exporters to increase value addition — from cotton to branded garments, PVC to finished auto components, steel to aerospace-grade parts, and APIs to advanced pharmaceutical formulations.

Higher value addition, he noted, leads to better margins, stronger global positioning and greater job creation.

4. Building Local Export Ecosystems

Calling for industry partnerships, Shri Goyal encouraged corporates and industry bodies to adopt districts, panchayats and smaller towns, mentoring MSMEs and strengthening backward linkages.

Such collaboration, he said, can transform districts into self-sustaining export ecosystems.

Export Story of 140 Crore Indians

Describing India's export growth as a story of confidence and aspiration, Shri Goyal said it belongs to 140 crore citizens and 10–11 crore MSMEs across sectors — from weavers in Kanchipuram to entrepreneurs in Chennai.

He emphasised that the government's responsibility is to ensure clear pathways, accessible support systems and equitable opportunities for exporters nationwide.

Concluding his address, the Minister said sustained competitiveness, driven by high quality and productivity, will be fundamental to establishing India as a leading exporting nation in the coming decades.