Intro: India expands trade footprint through FTAs, offering zero-duty access to most developed global markets worldwide
New Delhi
Union Commerce and Industry Minister Piyush Goyal on Thursday announced that India now enjoys market access to nearly 70 per cent of global GDP, with domestic products entering most partner countries at zero duty.
Addressing an industry event, the minister highlighted the rapid expansion of India’s trade network through a series of Free Trade Agreements (FTAs) concluded over the past three years.
According to Goyal, nine FTAs have been finalised recently, covering 38 countries with strong per capita incomes. These agreements include major developed markets such as the 27-nation European Union bloc, the four-nation European Free Trade Association (EFTA), the United Kingdom, Australia, New Zealand, and the United States of America.
He also noted that agreements with Japan and South Korea were concluded earlier, along with trade arrangements involving Association of Southeast Asian Nations (ASEAN) member countries.
The minister urged Indian medtech startups to capitalise on these expanded trade opportunities and look beyond the domestic market. Emphasising that India’s trade agreements now cover a substantial share of global GDP, he encouraged innovators to scale up affordable and high-quality medical technologies to serve both domestic and international markets.
Goyal underscored that affordable and scalable medical technologies have the potential to reach even the remotest regions of India while also tapping global markets across Africa, Latin America, Central Asia, Southeast Asia and developed economies. He advised startups to actively participate in international trade fairs and exhibitions to enhance their global visibility.
Reassuring entrepreneurs of government support, Goyal said the Commerce Ministry would assist delegations and that India’s diplomatic missions in over 190 countries stand ready to help innovators access overseas markets. He further encouraged collaboration with multinational companies operating in more than 100 countries to facilitate entry into developed economies.
Highlighting progress within the sector, the minister pointed out that several startups present at the programme had already secured approvals from India’s drug regulator and some were close to obtaining US regulatory clearances, paving the way for international expansion.
BOX
Key points
- 9 FTAs concluded in 3 years
- Covers 38 high-income countries
- Medtech startups urged to target global markets
- Support from 190+ Indian missions abroad
- Focus on affordable, scalable innovations