70% Global GDP Now Open to India via FTAs, Says Piyush Goyal

Speaking on the recent developments in the trade sector that India has witnessed, Goyal said, "Ultimately, if you see, 70 per cent of the global GDP and two-thirds of global trade is today open to India. In the nine Free Trade Agreements (FTAs) that we have finalized including the first tranche of the BTA with USA. We have got preferential access across sectors, across geographies and continents in 38 highly developed economies."

"This week has set the stage for a very bright future for India. Coupled with our own effort in the Ministry of Commerce to open the doors for our industry, exporters, farmers, fishermen, MSMEs to larger global markets, particularly in the developed world," he said.

Goyal was speaking at the launch of seven additional interventions under the Export Promotion Mission (EPM), a flagship initiative of the Department of Commerce aimed at empowering Micro, Small and Medium Enterprises (MSMEs) for global markets.

These interventions are designed to address key challenges faced by Indian exporters, promote broad-based and inclusive export growth, and strengthen India's position as a globally competitive export powerhouse.

Goyal stated that India today engages with developed economies with confidence, safeguarding sensitive sectors while securing gains in areas of competitive strength.

"Since 2022, India has accelerated trade engagements, expanded partnerships in goods, services and investments, reduced compliance burdens, decriminalised several laws and improved ease of doing business," he said.

He also referred to India's successful hosting of the G20 Summit across multiple cities, showcasing the country's diversity and economic potential.

Emphasising that the benefits of global trade must reach every MSME, startup and entrepreneur, Minister Goyal said the Export Promotion Mission is aimed at promoting new products, services and exporters, while enabling Indian businesses to access new markets. He noted that India has recorded double-digit growth in merchandise exports in the first half of February, reflecting strong market confidence and proactive industry participation.

He stated that the Mission seeks to simplify processes for MSMEs, strengthen access to credit, enhance quality standards, support compliance with international regulations and expand logistics and warehousing infrastructure globally. Initiatives such as overseas warehousing, including Bharat Mart in Dubai, are intended to provide Indian exporters with strategic access to markets across the GCC, Africa, Central Asia and Europe.

- ANI