India expanding trade footprint to strengthen global ties and empower MSMEs: Piyush Goyal
India is increasing its network of free trade agreements (FTAs) to integrate deeply with global economies. Nine trade pacts covering 38 developed economies have been concluded in the past four and a half years. The trade pacts are not merely confined to bureacratic corridors but also include discussions with stakeholders. India is wrapping up deals with Canada and UK while pursuing energy deals…
India is rapidly expanding its network of free trade agreements to deepen its integration within global economies, support micro, small, and medium enterprises (MSMEs), and accelerate national economic growth, according to Union Minister Piyush Goyal. Over the past four to four and a half years, the country has finalized nine trade pacts covering 38 developed economies, making it an attractive destination for international trade, Goyal stated at the 121st Annual Session of the PHD Chamber of Commerce and Industry.
The Minister emphasized that these modern agreements surpass the older ones executed prior to 2014, which provided preferential access to a mere USD 10 trillion global gross domestic product. Goyal highlighted ongoing bilateral and multilateral trade negotiations in key regions, including the UK, Canada, the UAE, Oman, the GCC, Israel, Chile, Mexico, and Eurasian countries.
He stressed that trade pacts are now developed through extensive stakeholder consultations, involving consultations with industry, farmers, fishermen, and other concerned groups to ensure the protection of sensitive domestic sectors while opening up overseas demand.
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