Union Commerce and Industry Minister Shri Piyush Goyal urges exporters and industry bodies to utilise India Free Trade Agreements to gain a greater presence in global markets. During a meeting with thirty-five Export Promotion Councils, the Minister emphasised the need to penetrate new markets. He encouraged businesses to upgrade quality and enhance competitiveness to maximise the benefits of these strategic trade deals.
Strategic Market Access and Global Reach
The government signed multiple trade agreements with developed nations to support workers, professionals, and MSMEs. These deals provide preferential access to international markets for various Indian sectors. Shri Goyal noted that traditional medicines and yoga now receive global opportunities through these frameworks. Furthermore, these agreements protect the domestic interests of the agriculture and dairy sectors while opening new pathways for growth.
Impact of the United States Tariff Rollback
Industry leaders expressed particular appreciation for the elimination of the additional twenty-five per cent tariff on Indian imports to the United States. This change follows the United States Executive Order which terminated the measure to restore competitive market access. Consequently, sectors such as engineering goods and chemicals expect a surge in business confidence. This rollback provides significant stability and renewed competitiveness to Indian exporters in one of their largest destinations.
India Free Trade Agreements and Industry Support
Numerous industry bodies participate in these trade engagements to scale exports in priority sectors. These include the Federation of Indian Export Organisations and the Gem & Jewellery Export Promotion Council. Similarly, the Apparel Export Promotion Council and the Council for Leather Exports lead efforts in labour-intensive areas. Other vital participants include the Engineering Export Promotion Council of India and the Cotton Textiles Export Promotion Council.
Key Organisations Driving Trade Engagement
Major chambers like FICCI, ASSOCHAM, NASSCOM, and the PHD Chamber of Commerce and Industry also support these initiatives. Additionally, specialised groups such as the Seafood Exporters Association of India and APEDA ensure agricultural products reach global destinations. These organisations work closely with the Ministry to implement compliance frameworks and export expansion pathways.
Utilising Trade Finance via Export Promotion Mission
The government continues to strengthen the export ecosystem through the Export Promotion Mission. This flagship framework offers enhanced access to trade finance through interest subvention support for export credit loans. Additionally, the mission provides collateral guarantees for MSMEs to ensure they compete effectively on a global scale. Moreover, the Ministry plans to roll out further measures relating to export logistics and branding in a phased manner to further strengthen the ecosystem.
Future Potential of India Free Trade Agreements
The Minister reaffirmed the commitment of the government to accelerate export growth and deepen global integration. By leveraging new trade agreements, India positions itself as a trusted global supply partner. Industry representatives welcomed the clarity provided during the sessions and reaffirmed their commitment to the Viksit Bharat mission. These strategic efforts will continue to protect Indian interests while expanding the footprint of domestic goods.
Courtsey: pib.gov.in
