Commerce and Industry Minister Piyush Goyal emphasized that India’s Free Trade Agreements (FTAs) are creating new prospects for the pharmaceutical, healthcare, and medical technology sectors, bolstering the nation’s global trade standing. Goyal mentioned that India, under Prime Minister Narendra Modi’s leadership, has inked nine FTAs in the last few years, with five finalized in the past year alone, granting India access to a significant portion of global trade. These agreements offer preferential access, reduced duties, and expanded market opportunities, particularly benefiting industries like pharmaceuticals and medical technology.
Goyal stressed that the advantages of these FTAs will be fully realized when businesses actively engage with them. While the government can pave the way and generate opportunities, industry participation is crucial for trade success. He highlighted the importance of building a comprehensive healthcare ecosystem that integrates manufacturing, innovation, startups, and hospitals to maximize the benefits of FTAs. Goyal also emphasized the role of MSMEs in quality enhancement and the significance of strengthening quality standards to enhance India’s global image.
India is actively engaging in trade discussions with major economies like the United States, the European Union, the United Kingdom, Australia, and New Zealand, as well as with regions such as the Gulf Cooperation Council and Mercosur countries. Goyal pointed out the increasing global interest in bolstering trade ties with India, recognizing the country’s economic potential. He projected India’s economy to grow significantly in the coming decades, creating substantial opportunities for global economic engagement. Goyal also highlighted the need to align the healthcare sector with exports by focusing on training skilled professionals to meet the rising demand both domestically and internationally.
