New Delhi, March 9 (NationPress) - Commerce and Industry Minister Piyush Goyal announced on Monday that India’s Free Trade Agreements (FTAs) are paving the way for enhanced prospects in the pharmaceutical, healthcare, and medical technology sectors, simultaneously bolstering the nation's presence in global commerce.

Speaking at the post-Budget Webinar 2026 themed 'Sabka Saath Sabka Vikas: Fulfilling Aspirations of People', Goyal highlighted that under the guidance of Prime Minister Narendra Modi, India has successfully finalized nine FTAs over the last three to three-and-a-half years, with five concluded in the past year alone. Consequently, approximately two-thirds of global trade is now accessible to India.

He emphasized that these agreements grant India preferential access, featuring reduced tariffs and broadened market prospects, thus unlocking new pathways for increased trade.

Goyal stated that FTAs are not just advantageous for larger industries; they also positively impact farmers, fishermen, MSMEs, small businesses, and traders. He noted that these agreements particularly benefit sectors such as pharmaceuticals and the med-tech industry, which produces medical equipment, while also creating new global opportunities for professionals engaged in innovation and emerging technologies. He remarked on India's robust standing in the pharmaceutical arena, dubbing the country the 'Pharmacy of the World'.

Goyal asserted that the advantages of FTAs will only be fully realized when businesses and institutions leverage them effectively. While the government can facilitate opportunities, the impetus for trade and business must come from the industry itself. He advocated for building a comprehensive healthcare ecosystem that integrates manufacturing, innovation, startups, and medical institutions. This cohesive system will empower India to harness the full potential of the opportunities presented by FTAs.

He further noted that MSMEs will play a crucial role in this endeavor, particularly concerning quality enhancement. Strengthening quality standards and testing facilities will ensure that products exported from India elevate the Brand India image and showcase its global capabilities.

Goyal mentioned that India has either finalized agreements or is in negotiations with prominent economies and regions, including the United States, European Union, United Kingdom, Australia, and New Zealand, along with the European Free Trade Association countries—Switzerland, Norway, Liechtenstein, and Iceland. Agreements have also been established with the United Arab Emirates and Oman, while all six nations of the Gulf Cooperation Council have shown interest in forming agreements with India. He added that discussions with Canada are progressing swiftly, alongside talks with Mercosur nations in Latin America and the Eurasian Economic Union.

Goyal pointed out that the increasing global interest in fostering trade relations with India underscores the recognition of the country’s economic potential. He noted that the Indian economy, currently valued at around $4 trillion, could soar to nearly $30 trillion in the next 20 to 25 years, presenting a significant opportunity for global economic collaboration.

The minister underscored the importance of linking the healthcare sector more robustly with exports. He highlighted the necessity for India to concentrate on training skilled professionals like caregivers and nurses, who are in high demand both domestically and internationally. By enhancing skill development, India can cultivate a workforce that supports exports, boosts remittances, and facilitates the global outreach of Indian products and services.