Free Trade Agreements open prospects for pharma, healthcare and medtech: Piyush Goyal
'The scale of India’s trade with the world in the pharmaceutical and healthcare sectors is now greater than ever before'
Union Minister of Commerce and Industry Piyush Goyal on Monday said the country’s Free Trade Agreements (FTAs) are opening new opportunities for the pharmaceutical, healthcare and medical technology sectors, while enabling the country to strengthen its position in global trade.
Addressing the post-Budget webinar, Goyal said India has signed a total of nine FTAs in the last three to three-and-a-half years, of which five have been concluded in the past 12 months. As a result, nearly two-thirds of global trade is now open to India.
He noted that these agreements provide India with preferential access compared to many other countries, with lower duties and expanded market opportunities, thereby opening new avenues to enhance trade.
According to him, the scale of India’s trade with the world in the pharmaceutical and healthcare sectors is now greater than ever before.
Goyal said FTAs are linked not only to large industries but also to farmers, fishermen, MSMEs, small industries and traders. He added that these agreements benefit sectors such as pharmaceuticals and the medtech sector that manufactures medical equipment, and also open new global opportunities for those working in innovation and emerging technologies.
Highlighting India’s strong presence in the pharmaceutical sector, he said the country is widely recognised as the “Pharmacy of the World”. He said growing global interest in strengthening trade relations with India reflects the recognition of country’s economic potential.
Furthermore, he noted that the Indian economy, currently valued at around four trillion dollars, could grow to nearly thirty trillion dollars in the next two to two-and-a-half decades, presenting a historic opportunity for global economic engagement.
Goyal emphasised the need to connect the healthcare sector more strongly with exports. He said that India should focus on training skilled professionals such as caregivers and nurses, for whom there is significant demand both in India 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.
