India expanding trade footprint: Piyush Goyal
India is rapidly expanding its network of free trade agreements to deepen integration with global economies, support micro, small, and medium enterprises, and spur national economic growth, according to Union Minister Piyush Goyal. In his address at the 121st Annual Session of the PHD Chamber of Commerce and Industry, Goyal highlighted that India has concluded nine trade pacts covering 38 developed economies in the past four to four and a half years, making the country an appealing destination for international trade.
Goyal emphasized the evolving nature of global engagement, noting that numerous world leaders are eager to expand trading relations with India. In the last four to four and a half years, India has concluded nine free trade agreements, collectively covering 38 developed nations. This contrasts with agreements signed before 2014, which provided preferential access to a combined global gross domestic product of only USD 10 trillion. Additionally, these older pacts often failed to prioritize domestic competitive advantage.
The Minister also addressed ongoing bilateral and multilateral trade negotiations, highlighting significant progress across key regions. Recent examples include the UK, Canada, the UAE, Oman, and the GCC, as well as discussions with Israel, Chile, Mexico, and the Eurasian countries. Goyal emphasized that stakeholder consultations are central to every trade agreement, with industry, farmers, and fishermen' concerns being heard and considered.
The Minister stressed the inclusive nature of these agreements, ensuring that sensitive domestic sectors remain protected while opening up overseas demand. This approach, which involves consultations with economic communities, farmers, fishermen, and other stakeholders, ensures that domestic businesses can thrive and benefit from increased overseas opportunities.
Goyal attributed this success to the leadership of Prime Minister Narendra Modi, who consistently transforms domestic and external disruptions into strategic growth opportunities.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
