Speaking to business leaders in Coimbatore, Goyal said the proposed engagements build on nine free trade agreements signed over the past three-and-a-half years, which have already provided preferential access to 38 developed nations.
“We are in discussions with, apart from these 38 countries, at least 20 more countries to open market access in all of them,” he said, naming the Gulf Cooperation Council (GCC), the Eurasian region and Israel as part of the ongoing talks.
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Focus on developed markets
Goyal underlined that India’s trade strategy has prioritised partnerships with developed economies where per capita income is high and domestic industries do not directly compete with Indian businesses.
He said this approach has significantly widened opportunities for exporters, with “two-third of global trade” now accessible for Indian entrepreneurs seeking preferential market access.
Addressing industry concerns over uneven trade access, Goyal said:
“Very often industry comes and complains to me that we are getting zero-duty imports from countries where we don’t get access for our goods, but they are dumping goods in our country at zero-duty. But we have not done a single FTA with any of our competitors.”
“All our FTAs are with developed countries where per capita income is high, where they are not competing with us in our industries, and where we can get market access to expand our businesses,” he added.
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Industry push and enabling ecosystem
Describing Coimbatore as a key centre of entrepreneurial strength in southern India, the minister credited MSMEs for providing critical policy feedback and urged businesses to leverage emerging opportunities.
“I urge all of you to please take up these opportunities, expand your businesses, and grow to become international players,” he said.
Goyal noted that the government has expanded the MSME definition and excluded export turnover from its criteria to encourage firms to scale up faster.
He also highlighted the integration of the national power grid as a major structural reform, with investments of around Rs 2 lakh crore ensuring round-the-clock electricity and uniform pricing.
“The national grid gives reliability and resilience that the data centre really requires,” he said, adding that renewable energy-rich states like Tamil Nadu can now supply power across the country.
Pointing to India’s digital strengths, Goyal cited rapid 5G rollout, low data costs, and a billion internet users as key advantages. He added that India is now the “second-largest user of ChatGPT globally,” reinforcing its position in the digital economy.
He said a combination of policy support, infrastructure and a young workforce would help India move towards its goal of becoming a developed nation by 2047.
(With inputs from ANI)