New Delhi, February 12. Commerce and Industry Minister Piyush Goyal announced a major milestone for Indian exporters, stating that the country now has direct access to markets representing 70 percent of global GDP, with zero-duty benefits in most international arenas.
Speaking at an event in the national capital, Goyal highlighted India’s aggressive push in international trade over the past three years. The nation has inked nine Free Trade Agreements (FTAs) with 38 countries, including high-income economies and key developed markets. This strategic expansion opens doors for Indian businesses to thrive worldwide.
Among the landmark deals are agreements with the 27-nation European Union bloc, the four-country EFTA group, the United Kingdom, Australia, New Zealand, and a trade arrangement with the United States. Earlier pacts with Japan, South Korea, and ASEAN nations further solidify India’s position.
Goyal urged the burgeoning MedTech sector to look beyond domestic boundaries and leverage these agreements. ‘India’s trade pacts provide unprecedented access to 70 percent of world GDP,’ he emphasized, encouraging firms to scale up and innovate for global reach.
Affordable and scalable medical technologies, he noted, can bridge gaps in India’s remote areas while penetrating markets in Africa, Latin America, Central Asia, Southeast Asia, and advanced economies. Startups must shun self-imposed limits, participate in global fairs, and collaborate with over 100 multinational giants present in more than 100 countries.
The Ministry of Commerce stands ready to support delegations, backed by Indian missions in over 190 countries. Goyal praised local startups for securing CDSCO approvals and nearing FDA nods, paving the way for international expansion. He stressed that cost-effective MedTech innovations tailored to ground realities will drive down expenses and fuel growth.
This development marks a new era for Indian exports, positioning the nation as a global trade powerhouse with vast opportunities ahead.