India’s export growth has risen 73 per cent over the last five years, with FTAs helping sectors such as textiles, gems and jewellery, engineering goods and pharmaceuticals
Union Commerce and Industry Minister Piyush Goyal said on Wednesday said India’s recent Free Trade Agreements (FTAs) with major economies is providing the fillip to become a global export hub, as it has opened access to markets worth USD 60 trillion, according to news agency IANS.
As per IANS, the minister shared a video on social media platform X crediting Prime Minister’s leadership for the trade expansion strategy which has boosted the domestic manufacturing sector and created employment opportunities.
India as an export-driven economy
Goyal stated that the FTAs represent the government’s vision of transforming the country into an export-driven economy and establishing India as a key player in global trade market.
India’s export growth has risen 73 per cent over the last five years, with FTAs helping sectors such as textiles, gems and jewellery, engineering goods and pharmaceuticals to gain access to lower or zero-duty benefits, according to the minister’s video.
The trade agreements, it pointed out, protected sectors such as dairy and agriculture, while creating opportunities for investment inflows.
India has been keenly pursuing FTAs with key economies to enhance market access for domestic exporters and in the last few years has signed Free Trade Agreements with UAE, Oman, Australia, United Kingdom, Mauritius, New Zealand, four European nation bloc Iceland, Liechtenstein, Norway, and Switzerland, and is in talks with United States, and the European Union for FTA.
Earlier this year, Goyal had said India is in active dialogue for similar pacts with several countries, including Chile, Peru and Canada, as per news agency PTI. The news report had stated that India had commenced talks for trade pact with the Mercosur trade bloc members that comprise Argentina, Brazil, Paraguay and Uruguay. Gulf Cooperation Council, a group of six nations from the Middle Eastern region, were also in discussion for the FTA, the agency said.
India’s exports
The Centre on Tuesday informed Parliament that the country recorded its highest-ever exports at USD 863.1 billion in FY2025-26, with merchandise exports at USD 441.8 billion, while services exports expanded further to USD 421.3 billion, as per IANS.
The government has been highlighting FTAs as a key component of its strategy to strengthen exports, attract foreign investment and expand India’s manufacturing capabilities, IANS said.
Source: Mid-day
