India Engaged With 20 Countries To Expand Trade Opportunities: Goyal

New Delhi, Apr 10 (KNN) Union Commerce and Industry Minister Piyush Goyal on Friday said India is in discussions with around 20 additional countries to expand market access and enhance trade opportunities, building on existing free trade agreements (FTAs).

Expanding Trade Agreements And Market Access

Addressing business leaders in Coimbatore, the minister noted that India has signed nine FTAs over the past three-and-a-half years, providing preferential access to 38 developed nations, reported ANI.

He added that ongoing negotiations include regions such as the Gulf Cooperation Council (GCC), the Eurasian region, and Israel.

Goyal emphasised that India’s trade strategy focuses on agreements with developed economies where per capita incomes are high and industries are largely complementary rather than competitive. 

He said this approach ensures better market access for Indian businesses while avoiding undue competition in domestic sectors.

Highlighting the benefits, the minister stated that nearly two-thirds of global trade is now accessible to Indian exporters through preferential arrangements.

Support For MSMEs And Infrastructure Push

He also addressed industry concerns regarding zero-duty imports, asserting that India has avoided signing FTAs with direct competitors and instead prioritised partnerships that enable Indian firms to expand globally.

Encouraging businesses, particularly MSMEs, to leverage these opportunities, Goyal pointed out that the government has revised the MSME definition to exclude export turnover, enabling enterprises to scale up without losing their classification benefits.

The minister described Coimbatore as a key hub of entrepreneurial activity in South India and acknowledged the role of MSMEs in shaping policy inputs for the government.

On infrastructure, Goyal highlighted the integration of India’s national power grid, supported by investments of around Rs 2 lakh crore, which has improved reliability and ensured round-the-clock electricity supply across states.

He also underscored advancements in the digital ecosystem, including rapid 5G rollout, low data costs, and a large internet user base, which are expected to support business growth and innovation.

Goyal expressed confidence that a combination of strong policy support and a young workforce would help India achieve its long-term goal of becoming a developed economy by 2047.

(KNN Bureau)