India’s FTAs give MSMEs a shot at bigger global markets: Exporters

New Delhi: Prime Minister Narendra Modi’s call to MSMEs to fully leverage India’s growing network of free trade agreements (FTAs) is timely, as these pacts offer small businesses an opportunity to access larger global markets, integrate with global value chains and improve their competitiveness, exporters say.

They also said that with preferential market access now available across several major economies, the real opportunity lies in converting these agreements into export orders.

Prime Minister Modi on Saturday said India has finalised FTAs with about 40 countries since 2014, presenting a tremendous opportunity for the country’s MSMEs, and urged small enterprises to tap these opportunities and not let the chance slip away. Addressing the country on the 80th Independence Day, he said there is a need to expand the global reach of Indian products and ensure that goods such as textiles, machinery and medicines find their way into international markets.

Welcoming the government’s move on FTAs, former chairman of the Council for Leather Exports Aqeel Panaruna said with progressive trade pacts and foreign trade policy opening new opportunities, India is firmly positioned for sustained growth and prosperity.