Indian Economy News

Commerce and Industry Minister Mr. Piyush Goyal urges Export Promotion Councils and Industry bodies to utilize FTAs to gain a greater presence in world markets

Union Minister for Commerce and Industry Mr. Piyush Goyal, has urged the 35 Export Promotion Councils (EPCs) in India and large industry associations to take advantage of the numerous Free Trade Agreements (FTAs) recently signed with several developed countries. Speaking at a high-level meeting in New Delhi, the Minister pointed out that all these FTAs (including the recent UK, EU, and USA ones) provide preferential entry of Indian Micro, Small and Medium Enterprises, farmers, and artisans into significant global marketplaces. Minister Mr. Piyush Goyal indicated that there should now be greater efforts by industry to "penetrate new markets, enhance quality and become more competitive," so that we can take full advantage of these trade agreements and accelerate the Viksit Bharat mission.
The key aspect of this discussion was the recent U.S. Executive Order on (February 6, 2026) to eliminate an additional 25% tariff on multiple products imported from India. This action restores competitive market access to labor-intensive sectors of the economy (gems and jewellery, textiles, leather, marine products, and engineering goods). Furthermore, the Ministry of Commerce and Industry provided an overview of the Export Promotion Mission (EPM) progress on supporting exports through various programs, including providing interest subvention support for export financing and collateral guarantees for MSMEs. Industry representatives from FIEO, GJEPC, and NASSCOM confirmed their continued commitment to increasing exports by emphasizing how the elimination of tariffs and new compliance frameworks provide significant long-term stability for Indian exporters.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.