70% of global GDP, two-thirds of global trade now open to India: Piyush Goyal

Union commerce minister Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on February 20 said India now enjoys preferential access to markets accounting for nearly 70% of global GDP and two-thirds of global trade, following a series of trade agreements signed in recent years.

Speaking at the launch of seven new interventions under the Export Promotion Mission (EPM), Goyal said India has secured market access across 38 developed economies through nine Free Trade Agreements (FTAs), including the first tranche of the Bilateral Trade Agreement with the United States.

He said the recent trade engagements mark a turning point for India’s global integration, with the government working to expand opportunities for exporters, farmers, fishermen and MSMEs in advanced markets.

The additional EPM measures are aimed at addressing structural challenges faced by exporters and promoting inclusive, broad-based export growth. The initiative, led by the Department of Commerce, focuses on enabling MSMEs to scale globally and strengthening India’s competitiveness in international trade.

Goyal said India is negotiating with developed economies from a position of confidence, protecting sensitive sectors while expanding access in areas where it holds a competitive advantage.

Since 2022, India has stepped up trade negotiations, broadened cooperation in goods, services and investment, reduced compliance requirements and undertaken legal reforms to improve the ease of doing business, he said.

Highlighting India’s recent hosting of the G20 Summit across multiple cities, Goyal said the event showcased the country’s economic strength and diversity on the global stage.

He added that the Export Promotion Mission seeks to ensure that the gains from trade reach smaller businesses and entrepreneurs by promoting new products and markets. According to the minister, India recorded double-digit growth in merchandise exports in the first half of February, reflecting strong demand and industry participation.

The Mission also aims to streamline procedures for MSMEs, improve access to finance, raise quality standards and help exporters meet international regulatory norms. Plans to expand overseas warehousing — including initiatives such as Bharat Mart in Dubai — are intended to give Indian firms better access to markets in the GCC, Africa, Central Asia and Europe.