Coimbatore: India is actively negotiating with at least 20 more countries to expand market access and boost trade opportunities, Union Commerce and Industry Minister Piyush Goyal said on Friday.
Addressing business leaders in Coimbatore, Goyal said the ongoing discussions aim to build on the nine free trade agreements (FTAs) signed over the past three-and-a-half years, which have already provided preferential access to 38 developed nations. He added that negotiations are currently underway with regions such as the Gulf Cooperation Council (GCC), the Eurasian bloc, and Israel.
The minister emphasised that India’s trade strategy focuses on developed economies with higher per capita incomes, where domestic industries face less direct competition. He noted that nearly two-thirds of global trade is now accessible to Indian businesses under preferential terms.
Responding to industry concerns about zero-duty imports, Goyal clarified that India has not entered into FTAs with direct competitors. Instead, agreements have been signed with countries that offer growth opportunities for Indian exporters without undermining domestic industries.
Highlighting the role of MSMEs, he described Coimbatore as a major hub of entrepreneurial strength in South India and credited small and medium enterprises for contributing to policy direction. He urged businesses to leverage FTAs to scale globally, adding that the revised MSME definition excludes export turnover to encourage expansion.
Goyal also pointed to key infrastructure and digital advancements supporting industrial growth. He said the creation of a unified national power grid—built with an investment of around ₹2 lakh crore—has ensured reliable, round-the-clock electricity and enabled renewable energy sharing across states.
On the digital front, he highlighted India’s rapid 5G rollout, low data costs, and a massive internet user base, stating that the country is now among the largest users of AI platforms globally.
The minister said that with strong policy support, infrastructure development, and a skilled workforce, India is well-positioned to achieve its vision of becoming a developed nation by 2047.
