FTAs Opening New Opportunities For Pharma, MedTech Sectors: Piyush Goyal

New Delhi, Mar 10 (KNN) Union Commerce and Industry Minister Piyush Goyal has said that India’s Free Trade Agreements (FTAs) are creating new opportunities for the pharmaceutical, healthcare and medical technology sectors, while strengthening the country’s role in global trade.

Speaking at the Post Budget Webinar 2026 on Sabka Sath Sabka Vikas: Fulfilling Aspiration of People in New Delhi, Goyal said, “FTAs are linked not only to large industries but also to farmers, fishermen, MSMEs, small industries and traders. He added that these agreements benefit sectors such as pharmaceuticals and the med-tech sector that manufactures medical equipment, and also open new global opportunities for those working in innovation and emerging technologies.”

Highlighting India’s strength in pharmaceuticals, Goyal said the country is widely recognised as the ‘Pharmacy of the World’. He added that India must focus on quality upgradation and strong testing facilities, with MSMEs playing a key role in improving export standards and strengthening the Brand India image globally.

Expanding Global Trade Partnerships

Goyal noted India is expanding trade engagement with major economies and regions including the United States, European Union, United Kingdom, Australia and New Zealand, as well as the European Free Trade Association countries — Switzerland, Norway, Liechtenstein and Iceland.

He added that agreements have also been concluded with the United Arab Emirates and Oman, while discussions are progressing with Canada, Mercosur nations and the Eurasian Economic Union.

“The growing global interest in strengthening trade relations with India reflects the recognition of India’s economic potential,” Goyal said 

He noted, “The Indian economy, currently valued at around four trillion dollars, could grow to nearly thirty trillion dollars in the next two to two-and-a-half decades, presenting a historic opportunity for global economic engagement.” 

Focus on Skills, AI and Digital Health

The minister emphasised the need to link the healthcare sector more closely with exports, including by training caregivers and nurses to meet growing global demand.

He also highlighted the growing importance of Artificial Intelligence and digital health, noting that AI can support telemedicine, diagnostics and healthcare delivery for India’s large population.

(KNN Bureau)