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Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is strengthening its global economic partnerships at a time of rising international uncertainty, asserting that the country now enjoys preferential trade access to nearly two-thirds of global commerce.
He was addressing the valedictory session of the 5th National Exports Competitiveness Summit 2026, organised by the Confederation of Indian Industry (CII). The Minister participated in the programme via video conferencing, while the summit was held at a private star hotel in Chennai. The summit, themed "Reform, Perform and Transform," brought together senior government officials, policymakers, diplomats, financial institutions and industry leaders to deliberate on India's roadmap towards achieving a USD 1 trillion export target. "When the world is facing uncertainty, India is busy building bridges of trade, trust and transformation," Goyal said, highlighting what he described as India's expanding footprint in global commerce. He noted that the country has concluded nine free trade agreements (FTAs) under the leadership of Prime Minister Narendra Modi, all with "developed economies". "Today, India enjoys preferential trade access to nearly two-thirds of global trade. All nine FTAs done under Prime Minister Modi's watch have been with developed economies that don't compete with India but complement India's journey towards rapid growth," the minister said. Goyal added that India's position in global trade has shifted significantly in recent years. "Today, the world no longer asks whether to trade with India. Increasingly, the question being asked by nations today is how quickly can we trade with India? How quickly can we expand business with India?" he said. The minister also noted that within a span of six hours on the same day, India had launched FTA negotiations with the Gulf Cooperation Council, was engaged in finalisation discussions with Israel, and was preparing to initiate negotiations with Chile. The Minister further pointed out that merchandise trade with Australia and the UAE has doubled following the conclusion of their respective FTAs, demonstrating the benefits of deeper trade partnerships for Indian exporters. Outlining a four-point strategy to accelerate export growth, Goyal called for wider dissemination of FTA benefits to MSMEs and local clusters, a renewed focus on world-class quality standards, movement up the value chain towards higher-value products, and stronger corporate mentorship to build district-level export ecosystems. The summit concluded with a call for stronger collaboration between government and industry to position India as a leading global export hub. (ANI)
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