Indian Economy News

India Building Bridges of Trade, Trust and Transformation; Secures Preferential Access to Two-Thirds of Global Trade

According to Union Minister of Commerce and Industry Mr. Piyush Goyal, India is positioning itself strongly in the international trade arena through the signing of high-quality Free Trade Agreements (FTAs), which are providing preferential access to almost two-thirds of international trade. While addressing the 5th CII National Exports Competitiveness Summit, it was highlighted that all nine FTAs signed in recent years have been with developed countries, aligning with India’s growth trajectory. The ‘Reform, Perform and Transform’ approach of the government remains the guiding force in the expansion of trade while encouraging diversified partnerships to counter global risks. India has been pursuing fast-track negotiations with several partners, such as the Gulf Cooperation Council (GCC), Israel, Chile, and Canada, which are a result of its proactive approach to improve market access, access to critical minerals, and develop global supply chains.
The statement also presented a four-point plan to overhaul the export ecosystem in India, which includes spreading awareness about FTAs at the grassroots level, improving quality, adding value, and developing export clusters in the country. Additionally, the statement noted that there is a need to improve quality and upgrade the value chain from raw materials to high-quality finished goods, which will help in improving competitiveness and providing new job opportunities. The newly formed Export Promotion Mission is expected to help MSMEs by providing them with easy access to credit, compliance assistance, and reduced operational expenses, which will help them access developed markets. Significantly, the merchandise trade with Australia and the UAE has doubled after the recent signing of FTAs, which is a clear manifestation of the success of India's new trade strategy and its desire to become a major exporting nation in the world.

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