India Has Preferential Access To Two-Thirds Of Global Trade: Piyush Goyal

New Delhi, Feb 25 (KNN) Union Commerce Minister Piyush Goyal has said that India now enjoys preferential trade access to nearly two-thirds of global trade through a series of free trade agreements (FTAs), noting that the country is building “bridges of trade, trust and transformation” amid global uncertainty.

Virtually addressing the 5th CII National Exports Competitiveness Summit in Chennai, Goyal said talks are under way with Chile for a new-age FTA aimed at improving access to critical minerals.

He added that Canada’s Prime Minister is expected to visit India soon, with both sides hopeful of finalising terms of reference to begin FTA negotiations. 

Goyal described the expanding FTA network as part of India’s strategy to diversify trade partnerships and reduce risk.

Merchandise trade with Australia and the UAE has doubled since the signing of FTAs with those countries, he highlighted.

Support for MSMEs

Referring to the newly launched Export Promotion Mission, Goyal said it aims to support micro, small and medium enterprises (MSMEs) through improved credit access, lower costs, compliance support and removal of structural bottlenecks.

He outlined four priorities for boosting exports: increasing grassroots awareness of FTAs, making quality standards central to exports, moving up the value chain, and building local export ecosystems through industry partnerships.

Emphasising the Prime Minister’s ‘Zero Defect, Zero Effect’ vision, Goyal said high quality and productivity are essential to strengthen competitiveness and position India as a leading exporting nation.

(KNN Bureau)