FTAs opening new markets for pharma, healthcare, and medtech sectors: Piyush Goyal

New Delhi: Commerce and Industry Minister Piyush Goyal on Monday said that India’s Free Trade Agreements (FTAs) are creating new opportunities for the pharmaceutical, healthcare and medical technology sectors, while helping the country strengthen its position in global trade.

Speaking at 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 nine Free Trade Agreements over the past three to three-and-a-half years, with five of them concluded in the last 12 months. As a result, nearly two-thirds of global trade markets are now accessible to India.

He explained that these agreements provide preferential market access with lower duties and expanded trade opportunities, opening new avenues for economic growth. According to Goyal, FTAs benefit not only large industries but also farmers, fishermen, MSMEs, small businesses and traders. Sectors such as pharmaceuticals and medical technology, which manufacture medical equipment, are also expected to gain significantly, along with innovators working in emerging technologies.

Highlighting India’s global reputation in the pharmaceutical industry, he said the country is widely known as the “Pharmacy of the World.” However, he stressed that the real benefits of FTAs will only be realised when businesses and institutions actively utilise these opportunities. While the government can create pathways, trade and business growth ultimately depend on industry participation.

Goyal added that India must build a comprehensive healthcare ecosystem that connects manufacturing, innovation, startups and hospitals. Such an integrated system will help the country maximise the opportunities created through FTAs. MSMEs, he said, will play a key role in improving quality standards and strengthening testing facilities, which will further enhance the global image of Brand India.

He also noted that India has existing agreements or ongoing negotiations with major economies and regions, including the United States, European Union, United Kingdom, Australia and New Zealand, as well as the European Free Trade Association countries — Switzerland, Norway, Liechtenstein and Iceland.

Agreements have already been concluded with the United Arab Emirates and Oman, while all six countries of the Gulf Cooperation Council have shown interest in similar partnerships with India. Talks with Canada, the Mercosur nations in Latin America and the Eurasian Economic Union are also progressing.

Goyal said the growing global interest in strengthening trade ties with India reflects strong confidence in the country’s economic potential. He pointed out that India’s economy, currently valued at around $4 trillion, could expand to nearly $30 trillion in the next two to two-and-a-half decades, creating a major opportunity for global economic engagement.

He further emphasised the need to connect the healthcare sector more closely with exports. India should focus on training skilled professionals such as caregivers and nurses, who are in high demand both domestically and internationally. Strengthening skill development, he said, will help build a workforce that supports exports, increases remittances and expands the global reach of Indian products and services. (With inputs from IANS)