70% of global GDP open to India, says Piyush Goyal on trade deals

Union Minister Piyush Goyal announced that 70% of global GDP is now open to India through 9 FTAs, granting preferential access in 38 developed economies. New interventions were also launched to empower MSMEs and boost exports for global markets.

Union Commerce and Industry Minister Piyush Goyal, on Friday, said 70 per cent of the global GDP and two-thirds of global trade are today open to India.

Speaking on the recent developments in the trade sector that India has witnessed, Goyal said, "Ultimately, if you see, 70 per cent of the global GDP and two-thirds of global trade is today open to India. In the nine Free Trade Agreements (FTAs) that we have finalized including the first tranche of the BTA with USA. We have got preferential access across sectors, across geographies and continents in 38 highly developed economies."

Export Promotion Mission to Empower MSMEs

"This week has set the stage for a very bright future for India. Coupled with our own effort in the Ministry of Commerce to open the doors for our industry, exporters, farmers, fishermen, MSMEs to larger global markets, particularly in the developed world," he said.

Goyal was speaking at the launch of seven additional interventions under the Export Promotion Mission (EPM), a flagship initiative of the Department of Commerce aimed at empowering Micro, Small and Medium Enterprises (MSMEs) for global markets. These interventions are designed to address key challenges faced by Indian exporters, promote broad-based and inclusive export growth, and strengthen India's position as a globally competitive export powerhouse.

India's Confident Global Engagement

Goyal stated that India today engages with developed economies with confidence, safeguarding sensitive sectors while securing gains in areas of competitive strength.

"Since 2022, India has accelerated trade engagements, expanded partnerships in goods, services and investments, reduced compliance burdens, decriminalised several laws and improved ease of doing business," he said.

He also referred to India's successful hosting of the G20 Summit across multiple cities, showcasing the country's diversity and economic potential.

Mission Goals and Recent Successes

Emphasising that the benefits of global trade must reach every MSME, startup and entrepreneur, Minister Goyal said the Export Promotion Mission is aimed at promoting new products, services and exporters, while enabling Indian businesses to access new markets.

He noted that India has recorded double-digit growth in merchandise exports in the first half of February, reflecting strong market confidence and proactive industry participation.

He stated that the Mission seeks to simplify processes for MSMEs, strengthen access to credit, enhance quality standards, support compliance with international regulations and expand logistics and warehousing infrastructure globally. Initiatives such as overseas warehousing, including Bharat Mart in Dubai, are intended to provide Indian exporters with strategic access to markets across the GCC, Africa, Central Asia and Europe. (ANI)

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