Ftas Opening New Markets For Pharma, Healthcare, And Medtech Sectors: Piyush Goyal

(MENAFN- IANS) New Delhi, March 9 (IANS) Commerce and Industry Minister Piyush Goyal said on Monday that India’s Free Trade Agreements (FTAs) are opening new opportunities for the pharmaceutical, healthcare, and medical technology sectors, while enabling the country to strengthen its position in global trade.

Addressing the post-Budget Webinar 2026 on ‘Sabka Saath Sabka Vikas: Fulfilling Aspirations of People’, Goyal said that under the leadership of Prime Minister Narendra Modi, India has signed a total of nine Free Trade Agreements in the last three to three-and-a-half years, of which five have been concluded in the past 12 months. As a result, nearly two-thirds of global trade is now open to India.

He noted that these agreements provide India with preferential access, with lower duties and expanded market opportunities, thereby opening new avenues to enhance trade.

Goyal said that Free Trade Agreements are linked not only to large industries but also to farmers, fishermen, MSMEs, small industries, and traders. He added that these agreements benefit sectors such as pharmaceuticals and the med-tech sector that manufactures medical equipment, and also open new global opportunities for those working in innovation and emerging technologies. Highlighting India’s strong presence in the pharmaceutical sector, he said the country is widely recognised as the “Pharmacy of the World”.

He said that the benefits of Free Trade Agreements will be realised only when businesses and institutions actively utilise them. While the government can open pathways and create opportunities, trade and business must ultimately be driven by industry. Goyal said that India must build a comprehensive healthcare ecosystem that brings together manufacturing, innovation, startups and hospitals. Such an integrated ecosystem will enable the country to fully utilise the opportunities created through FTAs.

He added that MSMEs will play a significant role in this process, particularly in quality upgradation. According to him, strengthening quality standards and testing facilities will ensure that products exported from India enhance the Brand India image and showcase the country’s capabilities globally.

He said that India already has agreements or ongoing negotiations with major economies and regions, including the United States, the European Union, the United Kingdom, Australia, and New Zealand, as well as with the four European Free Trade Association countries - Switzerland, Norway, Liechtenstein and Iceland. Agreements have also been concluded with the United Arab Emirates and Oman in the Gulf region, while all six countries of the Gulf Cooperation Council have expressed interest in entering into agreements with India. He added that discussions with Canada are progressing rapidly, while talks are also advancing with Mercosur countries in Latin America and with the Eurasian Economic Union.

Goyal said that the growing global interest in strengthening trade relations with India reflects the recognition of India’s economic potential. He noted that the Indian economy, currently valued at around $4 trillion, could grow to nearly $30 trillion in the next two to two-and-a-half decades, presenting a historic opportunity for global economic engagement.

The minister emphasised the need to connect the healthcare sector more strongly with exports. He said that India should focus on training skilled professionals such as caregivers and nurses, for whom there is significant demand both in India and internationally. By strengthening skill development, India can build a workforce that supports exports, increases remittances and facilitates the global presence of Indian products and services.

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