Piyush Goyal Launches Nationwide FTA Drive to Help MSMEs Expand Global Trade Footprint
Union Minister of Commerce and Industry Piyush Goyal announced a comprehensive, nationwide drive to maximize the utilization of India's Free Trade Agreements (FTAs) and strengthen the nation's global trade presence. Speaking at a national workshop titled 'Leveraging FTAs: An Outreach Programme' in New Delhi, Goyal emphasized that the benefits of preferential market access must extend to micro, small, and medium enterprises (MSMEs), startups, and individual entrepreneurs across all 780 districts in the country.
India currently maintains nine operational FTAs, providing preferential market access to economies representing roughly $60 trillion in combined Gross Domestic Product (GDP). Goyal noted that upcoming trade negotiations—including trade deals with Canada, Mexico, Chile, the European Union, and regional blocs—could eventually grant Indian exporters access to nearly 75% of global trade at reduced tariff rates.
Addressing queries regarding the proposed Bilateral Trade Agreement (BTA) with the United States, Goyal stated that negotiations are progressing and the final terms will be announced once Washington offers preferential terms comparable to those provided to India's commercial competitors. The nationwide outreach campaign seeks to guide local businesses on regulatory compliance, product standards, and tariff benefits to transform India into a global export hub.
