Free Trade Agreements are creating new opportunities for India’s pharmaceutical, healthcare and medical technology sectors while strengthening the country’s position in global trade, Union Minister of Commerce and Industry Piyush Goyal said while addressing the Post Budget Webinar 2026 on Sabka Sath Sabka Vikas Fulfilling Aspiration of People.
Piyush Goyal said that India has significantly expanded its trade engagement with the world in recent years. He noted 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 twelve months. As a result of these agreements, nearly two thirds of global trade is now open to India, providing Indian businesses with preferential access to international markets through lower duties and wider trading opportunities.
The Minister said the agreements are strengthening India’s presence in sectors such as pharmaceuticals, healthcare and medical technology. He noted that India’s trade in these sectors has grown significantly and that the country continues to be widely recognised as the Pharmacy of the World. According to him, the expanding network of trade agreements is enabling India to further consolidate this position and explore new global markets.
Piyush Goyal emphasised that the benefits of Free Trade Agreements extend far beyond large corporations. Farmers, fishermen, MSMEs, small industries and traders are also gaining access to global markets through these agreements. He said sectors involved in innovation and emerging technologies, including medical equipment manufacturing and healthcare technologies, are also benefiting from expanded global engagement.
The Minister outlined five priority areas that he said could guide India’s progress during the Amrit Kaal period as the country works towards achieving the goal of becoming a developed nation by 2047.
He emphasised that the true benefits of Free Trade Agreements will be realised only when industry actively utilises them. While the government can create opportunities and open trade pathways, it is the responsibility of businesses and institutions to convert those opportunities into trade and economic growth.
Piyush Goyal said India must build a comprehensive healthcare ecosystem that integrates manufacturing, innovation, startups and hospitals. Such an ecosystem would enable the country to fully leverage the market access created by Free Trade Agreements. He noted that MSMEs will play a particularly important role in this transformation, especially through improvements in quality standards and manufacturing capabilities.
Strengthening quality infrastructure and testing facilities, he said, will help ensure that Indian products exported to international markets meet global standards. This will also strengthen the global reputation of Brand India and demonstrate the country’s manufacturing capabilities.
The Minister also highlighted India’s expanding trade discussions with several major global economies and regional blocs. India already has trade agreements or ongoing negotiations with countries and regions including the United States, European Union, United Kingdom, Australia and New Zealand. Discussions are also underway with the four European Free Trade Association countries Switzerland, Norway, Liechtenstein and Iceland.
In the Gulf region, agreements have already been concluded with the United Arab Emirates and Oman, while all six countries of the Gulf Cooperation Council have expressed interest in entering into trade agreements with India. The Minister also noted that discussions with Canada are progressing rapidly, while negotiations are advancing with Mercosur countries in Latin America and with the Eurasian Economic Union.
Piyush Goyal said the growing interest among countries to strengthen trade relations with India reflects the recognition of India’s economic potential. He pointed out that the Indian economy, currently valued at around four trillion dollars, has the potential to expand to nearly thirty trillion dollars in the next two to two and a half decades.
The Minister emphasised that strengthening the connection between healthcare and exports will be an important part of India’s economic growth strategy. He said the country should focus on training skilled professionals such as caregivers and nurses, for whom there is strong demand both domestically and internationally. Developing a skilled workforce will help expand service exports, generate employment and increase remittance inflows.
He also highlighted the importance of digital health technologies and the growing role of artificial intelligence in the healthcare sector. According to him, artificial intelligence should be viewed as an enabling technology rather than a threat. India has the talent to develop advanced AI based solutions that can improve healthcare delivery.
The use of technologies such as artificial intelligence and telemedicine, he said, can significantly enhance diagnostics and healthcare services, enabling better healthcare access for India’s population of 1.4 billion people.
Piyush Goyal further emphasised the need to develop a holistic and integrated healthcare ecosystem. Progress, he said, will be limited if stakeholders operate in isolation. Instead, coordinated efforts between government institutions, healthcare providers, industry and innovators will help maximise the benefits of global trade opportunities.
The Minister also pointed to the growing international interest in traditional systems of medicine. Practices such as Ayurveda and Yoga are increasingly gaining global recognition. He stressed the importance of strengthening research, developing international standards and promoting these systems worldwide through collaboration with other countries.
Piyush Goyal said a healthy India will form the foundation of a developed India. He expressed confidence that with collective efforts in trade, innovation, healthcare and skill development, India can further strengthen its global leadership and move steadily towards the vision of Viksit Bharat by 2047.
