📷 Image: Wikimedia Commons / Ministry of Commerce and Industry (India)
Business
India to Secure Preferential Access to 76% of Global GDP via FTAs, says Trade Minister Piyush Goyal
✍️ The Economic Times
🗓 30 Oct 2026, 11:36 AM
👁 18
Trade Minister Piyush Goyal announced that ongoing and upcoming free trade agreements will give India preferential market access covering about 76% of the world’s GDP.
Trade Minister Piyush Goyal told reporters that India’s network of free trade agreements (FTAs) is set to provide the country with preferential access to markets representing roughly 76% of global gross domestic product. The statement, reported by The Economic Times, underscores the government’s push to deepen trade ties across continents.
Preferential access means Indian exporters will enjoy lower tariffs, reduced non‑tariff barriers and smoother customs procedures in partner economies. Current agreements with nations such as the United Arab Emirates, Oman and the European Union already cover a sizeable share of world trade, and negotiations with additional regions are progressing.
Economists expect that broader market reach will boost sectors ranging from pharmaceuticals to information technology, enhancing export volumes and supporting domestic growth. The ministry indicated that the benefits will materialise as agreements are ratified and implementation phases begin.
Goyal emphasized that the government will continue to pursue strategic FTAs to diversify trade partners, reduce dependence on any single market, and strengthen India’s position in global value chains.
Preferential access means Indian exporters will enjoy lower tariffs, reduced non‑tariff barriers and smoother customs procedures in partner economies. Current agreements with nations such as the United Arab Emirates, Oman and the European Union already cover a sizeable share of world trade, and negotiations with additional regions are progressing.
Economists expect that broader market reach will boost sectors ranging from pharmaceuticals to information technology, enhancing export volumes and supporting domestic growth. The ministry indicated that the benefits will materialise as agreements are ratified and implementation phases begin.
Goyal emphasized that the government will continue to pursue strategic FTAs to diversify trade partners, reduce dependence on any single market, and strengthen India’s position in global value chains.