Free Trade Agreements Creating New Opportunities for Pharma, Healthcare and Medtech: Piyush Goyal

Union Minister of Commerce and Industry 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 also helping the country strengthen its role in global trade.

Speaking at a post-Budget webinar, Goyal stated that India has signed nine FTAs over the past three to three-and-a-half years, with five agreements concluded within the last 12 months. As a result, nearly two-thirds of global trade markets are now accessible to India, he noted.

According to the minister, these trade agreements provide India with preferential market access compared to many other countries, including lower tariffs and broader export opportunities, which could significantly expand the country’s global trade footprint.

Goyal said that India’s trade engagement with the world in the pharmaceutical and healthcare sectors is now at its highest level.

He also pointed out that FTAs are not limited to large industries alone but benefit a wide range of stakeholders, including farmers, fishermen, MSMEs, small-scale industries and traders. These agreements also support sectors such as pharmaceuticals and the medical technology industry, which manufactures healthcare equipment, while creating new global opportunities for professionals involved in innovation and emerging technologies.

Highlighting India’s role in the global pharmaceutical supply chain, Goyal said the country continues to be recognised as the “Pharmacy of the World.” He added that growing global interest in strengthening trade relations with India reflects international confidence in the country’s economic potential.

He further noted that India’s economy, currently valued at around four trillion dollars, could expand to nearly thirty trillion dollars in the next two to two-and-a-half decades, presenting a significant opportunity for global economic collaboration.

Goyal also stressed the importance of linking the healthcare sector more closely with exports. He said India should focus on training skilled healthcare professionals such as caregivers and nurses, for whom there is strong demand both domestically and internationally.

“By strengthening skill development, India can build a workforce that supports exports, increases remittances and facilitates the global presence of Indian products and services,” he added.