Union Minister Piyush Goyal. File
| Photo Credit: ANI
With India signing a series of free trade agreements with developed countries, the government is working on an FTA utilisation plan to help maximise benefits from these pacts, an official said.
Since 2021, India has finalised free trade agreements (FTAs) with Mauritius, Australia, the UAE, Oman, New Zealand, the EFTA (European Free Trade Association), the European Union (EU), the U.K. and U.S.
These pacts cover 38 countries whose combined global imports stand at about $12 trillion.
The main Indian sectors that have received duty-free market access in these FTA partner countries include agriculture, textiles and apparel, gems and jewellery, leather and leather goods, engineering, electronics, chemicals, and pharmaceuticals.
Commerce and Industry Minister Piyush Goyal has held a series of meetings with industry associations, businesses and export promotion councils (EPCs) on ways to increase utilisation of these agreements. He suggested that businesses leverage these pacts to boost exports and domestic manufacturing.
The official added that the Minister on Monday (May 4, 2026) held a review meeting with key officers and chief negotiators to asses the progress of India’s free trade acts.
Another meeting on Thursday (May 7, 2026), was held on preparing a roadmap for obtaining sanitary and phytosanitary (related to plants and animals) approvals for Indian agricultural and fisheries products across global markets.
The Commerce Ministry has involved Indian missions abroad in the exercise. Besides, all the line ministries are part of the process, the official said.
The role of Indian missions includes ensuring FTA awareness in importing country, market intelligence on new opportunities, and expediting resolution of non-tariff barriers.
Similarly, the line ministries’ role includes ensuring sufficient production, alignment with global standards, and focus on trade facilitation.
The whole exercise is important as the country is looking at increasing goods and services exports to $2 trillion in the coming years (one trillion each).
The country’s goods and services exports rose 4.6% to an all-time high of $863.11 billion during 2025-26, from $825.26 billion in 2024-25, despite global economic uncertainties.
Merchandise exports grew 0.93% to $441.78 billion in the last fiscal year from $437.70 billion in 2024-25. Services exports too surged to an all-time high of $421.32 billion in 2025-26, compared to $387.55 billion a year ago, recording a growth of 8.71%.
Shishir Priyadarshi, President, CRF, and former Director, WTO, said Indian businesses must stop viewing FTAs merely as tariff-cutting arrangements as their real value lies in helping firms integrate into global value chains, diversify supply chains, and position themselves as trusted partners in an increasingly fragmented global economy.
“The FTAs should be seen as an opportunity not just to export more, but to export smarter – through branded products, advanced manufacturing, processed goods, and higher-value services that strengthen India’s long-term industrial competitiveness globally,” he said.
Published – May 10, 2026 11:56 am IST
