India building bridges of trade, trust and transformation; secures preferential access to two-thirds of global trade: Piyush Goyal

Virtually addressing the 5th CII National Exports Competitiveness Summit in Chennai, Shri Goyal underlined that all nine FTAs signed under Prime Minister Narendra Modi’s leadership have been with developed economies that complement, rather than compete with, India’s growth journey. The Minister emphasised that no nation can become developed without opening its doors to the global economy, reiterating Prime Minister Narendra Modi government’s commitment to reform, perform and transform the Indian economy.

Shri Goyal highlighted the rapid pace of trade engagement, noting that within a span of six hours the Minister had engaged in three FTA-related discussions. India signed a joint statement launching FTA negotiations with the six-nation bloc of the Gulf Cooperation Council (GCC) in the Middle East. Shortly thereafter, Shri Goyal met the Israeli negotiating team to advance discussions on finalising an FTA. The Minister said that he will also hold discussions with the Chilean counterpart to conclude a new-age FTA that will provide India greater access to critical minerals.

Shri Goyal further informed that the Prime Minister of Canada is expected to visit India shortly, and both sides are hopeful of finalising the terms of reference and launching FTA negotiations with Canada later this week. The Minister described this strategic network of FTAs as part of India’s approach to de-risking through diversified trade partnerships, calling it unprecedented in scale and ambition.

The Minister stated that tangible results are already visible. Merchandise trade with Australia and the UAE has doubled since the signing of FTAs with these countries a few years ago. Shri Goyal said that the summit theme — Reform, Perform and Transform — is not merely a tagline but a living mantra and the core philosophy of the Prime Minister Narendra Modi Government.

Referring to the recently launched Export Promotion Mission, Shri Goyal said the initiative is designed to support micro, small and medium enterprises (MSMEs) by improving access to credit, reducing operational costs, helping them meet international compliance standards, enabling exports to demanding markets such as the EU and other developed nations, and addressing structural bottlenecks that have constrained India’s export potential.     Shri Goyal outlined four key pathways to transform India’s export journey:   First, taking FTAs to the grassroots through wider dissemination and awareness of their benefits in goods, services and investments;   Second, focusing on quality as a non-negotiable requirement. The Minister stated that quality is the passport to global markets and standards are entry tickets rather than barriers…Third, moving up the value chain. Shri Goyal urged exporters to progress step by step…Fourth, building local export ecosystems through industry partnership…Describing India’s export growth story as one of confidence, resilience and aspiration, Shri Goyal said it belongs to 140 crore Indians and 10–11 crore MSMEs across professions and regions — from the weaver in Kanchipuram to the entrepreneur in Chennai. The Minister stressed that the government’s responsibility is to ensure clear pathways, accessible support and real opportunities for all potential exporters.

Shri Goyal concluded by emphasising that high quality and high productivity are indispensable for enhancing competitiveness, and that sustained competitiveness is fundamental to establishing India as a leading exporting nation.