How Can Industry Intensify Efforts to Enter New Markets and Boost Competitiveness?
Synopsis
In a recent statement, Commerce Minister Piyush Goyal emphasized the importance of enhancing industry efforts to penetrate new markets and improve competitiveness to fully benefit from trade agreements. This call to action aims to foster job creation and boost exports, particularly in the agricultural and MSME sectors.
Key Takeaways
Industry must enhance efforts to penetrate new markets.
Quality improvement is necessary for competitiveness .
FTAs can significantly boost exports .
Support for MSMEs and traditional sectors is prioritized.
Job creation is a major focus of trade agreements.
New Delhi, Feb 12 (NationPress) The industry is now called to enhance its efforts to explore new markets, improve product quality, and increase competitiveness in order to fully leverage trade agreements, stated Commerce and Industry Minister Piyush Goyal.
He urged exporters and industry organizations to capitalize on the series of Free Trade Agreements (FTAs) established with developed nations to maximize job creation and elevate exports of goods and services, as highlighted in an official announcement.
During a meeting with 35 Export Promotion Councils (EPCs) and significant industry associations, Goyal remarked that the government led by Prime Minister Narendra Modi has signed FTAs with developed countries to assist India’s farmers, workers, professionals, artisans, and MSMEs in accessing global markets with preferential terms.
These trade agreements will also open global opportunities for India’s traditional medicines and yoga, while safeguarding the interests of the agriculture and dairy sectors, according to the minister.
“India has established its presence in international trade since ancient times. Our trade agreements will further our Viksit Bharat mission and advance Prime Minister Narendra Modi’s mantra of ‘Vikas bhi, Virasat bhi’,” Goyal added.
As per an official statement, industry representatives expressed their sincere appreciation to the Prime Minister and the Minister of Commerce for the decisive leadership that facilitated the successful completion of recent trade agreements with the United Kingdom, European Union, and the US.
They voiced gratitude for the removal of an additional 25 percent tariff on Indian imports by the United States, effective through the United States Executive Order dated February 6, 2026, which is anticipated to restore competitive market access for Indian exports.
The US stands as one of India’s major export markets, and this tariff relief offers considerable stability and renewed competitiveness to Indian exporters, the industry noted.
Discussions also underscored the advancements made under the Export Promotion Mission (EPM), the government’s primary framework for supporting exporters.
The industry welcomed the initiatives already launched under the Mission, such as improved access to trade finance through Interest Subvention Support for export credit loans, Collateral Guarantee for export credit extended to MSMEs, and targeted market access assistance.
Point of View
The emphasis on intensifying industry efforts to explore new markets and boost competitiveness is essential for India's economic growth. The government's proactive approach in signing FTAs allows for better access to international markets, which is vital for job creation and enhancing the quality of Indian products and services.
NationPress
6 May 2026
Frequently Asked Questions
What are Free Trade Agreements (FTAs)?
Free Trade Agreements are treaties between two or more countries that aim to reduce or eliminate barriers to trade, such as tariffs and import quotas, promoting increased trade and economic cooperation.
How do FTAs benefit Indian exporters?
FTAs provide Indian exporters with preferential access to foreign markets, thereby enhancing their competitiveness by reducing tariffs and enabling easier entry into international trade.
What sectors are expected to benefit from these trade agreements?
Sectors such as agriculture, dairy, traditional medicines, and MSMEs are anticipated to greatly benefit from the trade agreements, gaining better access to global markets.
What is the Export Promotion Mission (EPM)?
The Export Promotion Mission is a government initiative designed to support and enhance the capabilities of Indian exporters through various financial and operational interventions.
Why is market access important for Indian MSMEs?
Market access is crucial for Indian MSMEs as it allows them to expand their customer base globally, increase revenue, and contribute to job creation within the domestic economy.
