New Delhi, Sep 3: India is stepping up efforts to help businesses make better use of its growing network of Free Trade Agreements (FTAs), with the government looking to expand export opportunities for companies across the country.
Commerce and Industry Minister Piyush Goyal has called for a coordinated effort involving the Centre, state governments, industry bodies and Export Promotion Councils to ensure that the benefits of trade agreements reach businesses at the grassroots level.
India’s existing FTAs cover economies with a combined GDP of around $60 trillion, providing Indian exporters with preferential access to a large share of the global market. The government is also pursuing new trade agreements with Canada, Mexico, Chile, Mercosur, SACU, the Gulf Cooperation Council and Israel to further widen market access.
At the same time, India is reviewing its existing trade arrangements with ASEAN, South Korea and Japan to improve opportunities for domestic exporters and ensure that Indian products remain competitive against goods from other major exporting countries.
The government’s focus is now shifting from signing trade agreements to ensuring that businesses actually benefit from them. States are being encouraged to identify products and industrial clusters that can take advantage of preferential market access and connect exporters with suitable overseas markets.
MSMEs, startups, first-time exporters and women entrepreneurs are among the key groups being targeted under the initiative. Support is expected to include easier access to trade information, digital documentation, export guidance and market-specific assistance.
India has set an ambitious $1 trillion export target for the current financial year. Exports during the first four months of the year were estimated at around $317 billion, compared with approximately $280 billion during the same period last year, indicating continued momentum in external trade.
The government is also working to expand India’s export base across engineering, electronics, pharmaceuticals, chemicals, textiles, agriculture, marine products, gems and jewellery and leather. Services are another important area, with Indian companies increasingly looking to tap overseas demand.
The Export Promotion Mission and Districts as Export Hubs initiative are expected to strengthen support for businesses by improving access to export finance, documentation, compliance assistance and international market information.
A key part of the strategy is taking export support beyond major business centres. District-level programmes, local-language information and closer coordination with industry bodies are expected to help smaller businesses understand FTA benefits and explore overseas markets.
The government is also placing greater emphasis on international quality standards, rules of origin and technical requirements. Meeting these standards, along with improving packaging, delivery and product quality, will be critical for Indian companies seeking long-term relationships with global buyers.
With several new trade agreements in the pipeline, India is looking to turn improved market access into higher exports, new business opportunities, investment and employment. The broader aim is to bring more Indian companies, particularly smaller businesses, into global trade and strengthen the country’s position in international markets.
