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India Builds Trade Bridges Amid Global Uncertainty, Says Piyush Goyal

Commerce Minister Piyush Goyal stated that India is strengthening global economic partnerships and now enjoys preferential trade access to nearly two-thirds of global commerce. He highlighted that nine FTAs have been concluded under Prime Minister Narendra Modi's leadership, all with developed economies that complement India's growth. Goyal noted merchandise trade with Australia and the UAE has doubled post-FTA, showcasing the benefits of these agreements. The minister outlined a four-point strategy to accelerate exports, focusing on MSMEs, quality standards, value-chain movement, and district-level ecosystems to achieve a $1 trillion export target.

Key Points: India's Trade Access & FTA Strategy Under Modi, Says Goyal

  • Preferential access to 2/3 of global trade
  • 9 FTAs with developed economies under Modi
  • Merchandise trade doubled with UAE, Australia
  • 4-point strategy for export growth
  • Target of $1 trillion exports
2 min read

"When world is facing uncertainty, India is busy building bridges of trade": Commerce Minister Piyush Goyal

Commerce Minister Piyush Goyal says India has preferential trade access to 2/3 of global commerce via FTAs with developed economies, aiming for $1 trillion exports.

"When the world is facing uncertainty, India is busy building bridges of trade, trust and transformation. - Piyush Goyal"

Chennai, February 25

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is strengthening its global economic partnerships at a time of rising international uncertainty, asserting that the country now enjoys preferential trade access to nearly two-thirds of global commerce.

He was addressing the valedictory session of the 5th National Exports Competitiveness Summit 2026, organised by the Confederation of Indian Industry (CII). The Minister participated in the programme via video conferencing, while the summit was held at a private star hotel in Chennai.

The summit, themed "Reform, Perform and Transform," brought together senior government officials, policymakers, diplomats, financial institutions and industry leaders to deliberate on India's roadmap towards achieving a USD 1 trillion export target.

"When the world is facing uncertainty, India is busy building bridges of trade, trust and transformation," Goyal said, highlighting what he described as India's expanding footprint in global commerce.

He noted that the country has concluded nine free trade agreements (FTAs) under the leadership of Prime Minister Narendra Modi, all with "developed economies".

"Today, India enjoys preferential trade access to nearly two-thirds of global trade. All nine FTAs done under Prime Minister Modi's watch have been with developed economies that don't compete with India but complement India's journey towards rapid growth," the minister said.

Goyal added that India's position in global trade has shifted significantly in recent years. "Today, the world no longer asks whether to trade with India. Increasingly, the question being asked by nations today is how quickly can we trade with India? How quickly can we expand business with India?" he said.

The minister also noted that within a span of six hours on the same day, India had launched FTA negotiations with the Gulf Cooperation Council, was engaged in finalisation discussions with Israel, and was preparing to initiate negotiations with Chile.

The Minister further pointed out that merchandise trade with Australia and the UAE has doubled following the conclusion of their respective FTAs, demonstrating the benefits of deeper trade partnerships for Indian exporters.

Outlining a four-point strategy to accelerate export growth, Goyal called for wider dissemination of FTA benefits to MSMEs and local clusters, a renewed focus on world-class quality standards, movement up the value chain towards higher-value products, and stronger corporate mentorship to build district-level export ecosystems.

The summit concluded with a call for stronger collaboration between government and industry to position India as a leading global export hub.

- ANI

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Reader Comments

S
Sarah B
As someone working in an export-oriented MSME in Coimbatore, I appreciate the focus on disseminating FTA benefits to smaller businesses. The potential is huge, but we need more practical workshops and less summit rhetoric. The strategy sounds good on paper.
A
Ananya R
Building bridges of trade is excellent, but are we building enough bridges for our own farmers and small manufacturers? I hope the 'value chain' movement doesn't leave our traditional sectors behind. The benefits must be inclusive.
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Vikram M
The pace is impressive! Negotiations with GCC, Israel, and Chile all in one day? This is the 'Perform' part of the summit's theme in action. If we can maintain this momentum, the $1 trillion export target might just be achievable. 💪
K
Karthik V
Good to see Chennai hosting such an important summit. Southern states have been engines of export growth. Hope the 'district-level export ecosystems' focus brings more investment to tier-2 and tier-3 cities in Tamil Nadu and beyond.
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Michael C
The shift in global perception is real. From my experience in international business, the question *is* "how quickly" now, not "if". India's stability and growth narrative is a powerful draw. The focus on quality standards is the key next step.

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