FTAs open up 70% of global GDP to India, largely at zero duty, says Piyush Goyal

Commerce Minister Piyush Goyal

India’s free trade agreements (FTAs) now provide preferential access to international markets accounting for nearly 70 percent of the global GDP, with Indian goods enjoying zero-duty access in most cases, commerce and industry minister Piyush Goyal said on February 12.

Addressing the Pfizer INDovation Startup Showcase Programme in New Delhi, Goyal said India has concluded nine free trade agreements in the last three years covering 38 countries with strong per capita incomes.

Most developed markets now have trade arrangements with India. These agreements include the European Union, the four-nation European Free Trade Association (EFTA), the United Kingdom, Australia, New Zealand and the United The ones with Japan and Korea were concluded earlier, along with ASEAN nations.

“Indian startups must think global from day one,” the minister said, encouraging innovators to tap into duty-free or preferential access available in many of these markets.

He said affordable and scalable medical technology developed in India can address domestic healthcare gaps and also serve markets across Africa, Latin America, Central Asia, Southeast Asia and developed economies.

Many of the startups present at the event, he said, have secured approvals from the Central Drugs Standard Control Organisation (CDSCO), while some are close to receiving US Food and Drug Administration clearances, a key step toward entering advanced markets.

Goyal urged startups to participate in international trade fairs and exhibitions, assuring them of support from the ministry and Indian missions in more than 190 countries.

He also called for collaboration with multinational companies to access established global distribution networks.

Goyal said more than 200,000 startups are now registered in India, reflecting the country’s growing entrepreneurial ecosystem. He reiterated that failure should not be seen as a stigma but as a stepping stone to success, encouraging young innovators to persevere.