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Goyal urges industry to leverage FTAs to secure leading position in global trade
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Thursday, 14 May, 2026, 08 : 00 AM [IST]
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Ashwani Maindola New Delhi
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Addressing the CII Annual Summit, Union Minister of Commerce and Industry Piyush Goyal detailed a strategic shift in India’s trade policy, framing Free Trade Agreements (FTAs) as the primary catalyst for achieving the $2 trillion export target by 2030.
Goyal highlighted that India has signed nine FTAs with 38 countries in just over three years and a key pillar of this strategy is the deliberate focus on developed nations.
The Minister noted that these economies are "complementary" rather than “competitive”, as their higher per-capita incomes and production costs prevent them from competing with India’s manufacturing prices, creating a natural opening for Indian exports in high-demand markets.
As the trade policy has evolved beyond simple tariff reductions, Goyal pointed out that "new-age" agreements now include robust mobility partnerships to facilitate the seamless movement of skilled professionals. The success of this approach is reflected in the expansion of Global Capability Centres (GCCs), which now employ nearly two million people in India and see annual export growth of 40–50%.
To fully capitalise on these partnerships, the Minister urged industry leaders to move from "assembled in India" to "designed, engineered, and manufactured in India." He emphasised that "Brand India" must be built on a foundation of "Zero Defect, Zero Effect" manufacturing to meet the stringent quality and sustainability standards of FTA partner nations.
By integrating innovation and aligning domestic standards with global benchmarks, Goyal expressed confidence that Indian industry will leverage these agreements to secure a leading position in the global value chain.
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