FTAs to Boost Pharma, MedTech Exports and Global Trade: Piyush Goyal

The Minister said FTAs benefit not only large industries but also farmers, fishermen, MSMEs, small businesses and traders.

Union Commerce and Industry Minister Piyush Goyal on Monday said India’s expanding network of Free Trade Agreements (FTAs) is opening significant opportunities for the pharmaceutical, healthcare and medical technology sectors, strengthening the country’s position in global trade.

Addressing the Post-Budget Webinar 2026 on “Sabka Saath Sabka Vikas – Fulfilling Aspirations of People” in New Delhi, the Minister highlighted that India’s recent trade agreements are providing broader market access and helping industries integrate into global value chains.

Nine FTAs Signed in Recent Years

Goyal said that under the leadership of Prime Minister Narendra Modi, India has signed nine Free Trade Agreements in the past three to three-and-a-half years, including five agreements concluded in the last 12 months alone.

These agreements have opened access to markets representing nearly two-thirds of global trade, giving Indian exporters preferential access through lower tariffs and expanded market opportunities.

He noted that the scale of India’s trade with the world—particularly in pharmaceuticals and healthcare products—has grown significantly as a result.

Opportunities for Pharma and MedTech Industries

The Minister said FTAs benefit not only large industries but also farmers, fishermen, MSMEs, small businesses and traders.

He highlighted that sectors such as pharmaceuticals and medical technology, including the manufacturing of medical devices and healthcare equipment, stand to gain significantly from expanded market access.

Referring to India’s global role in pharmaceutical manufacturing, Goyal said the country continues to be recognised as the “Pharmacy of the World.”

He expressed confidence that the foundation built in recent years will enable India to expand its footprint in global healthcare markets.

Five Priority Areas for Viksit Bharat

The Minister outlined five priority areas that could guide India’s progress during the Amrit Kaal towards achieving the vision of Viksit Bharat by 2047.

He emphasised that while the government can create opportunities through trade agreements, businesses and industries must actively utilise these agreements to realise their full benefits.

Building a Comprehensive Healthcare Ecosystem

Goyal stressed the need to develop an integrated healthcare ecosystem that combines:

• Manufacturing

• Innovation and startups

• Hospitals and healthcare institutions

• Research and advanced technologies

Such a coordinated approach, he said, will enable India to maximise the benefits of FTAs and strengthen its global competitiveness.

He also highlighted the crucial role of MSMEs in improving quality standards, noting that stronger testing infrastructure and quality certification systems are essential to enhance the global reputation of Brand India.

Expanding Trade Engagement Worldwide

The Minister said India is rapidly expanding its trade engagement with major global economies and regions.

India currently has agreements or negotiations underway with:

• United States

• European Union

• United Kingdom

• Australia and New Zealand

• European Free Trade Association (EFTA) countries – Switzerland, Norway, Liechtenstein and Iceland

• Gulf countries, including agreements with the UAE and Oman

• Discussions with Canada

• Negotiations with Mercosur countries in Latin America

• Talks with the Eurasian Economic Union

He added that all six Gulf Cooperation Council (GCC) countries have expressed interest in trade agreements with India.

India’s Economic Growth Driving Global Interest

According to Goyal, the growing interest in trade partnerships reflects global recognition of India’s economic potential.

He noted that India’s economy, currently valued at around $4 trillion, could grow to nearly $30 trillion in the next two to two-and-a-half decades, presenting major opportunities for global trade and investment.

Healthcare Workforce and Exports

The Minister emphasised the need to connect India’s healthcare sector with export opportunities, particularly through the training of skilled professionals such as nurses and caregivers.

He said global demand for healthcare workers is rising and India can benefit by strengthening skill development programmes, which will increase remittances and expand the international presence of Indian services.

AI and Digital Health to Transform Healthcare

Goyal also highlighted the growing role of Artificial Intelligence (AI) and digital health technologies in transforming healthcare systems.

He said AI should be viewed as an enabling technology rather than a threat, and India has the talent and expertise to develop advanced AI-driven healthcare solutions.

Technologies such as telemedicine and AI-based diagnostics can help deliver improved healthcare services to India’s 1.4 billion population, especially in remote areas.

Promoting Ayurveda and Yoga Globally

The Minister also pointed to increasing global interest in traditional Indian systems of medicine, particularly Ayurveda and Yoga.

He called for expanding research, standardisation and international collaboration to promote these systems globally and integrate them into the global healthcare ecosystem.

Vision for a Healthy and Developed India

Concluding his remarks, Goyal said a healthy population is the foundation of a developed nation.

He expressed confidence that coordinated efforts among government, industry, healthcare institutions and innovators will enable India to emerge as a global leader in healthcare and trade, contributing to the vision of Viksit Bharat by 2047.