India’s Trade Pacts Open Access To $70 Trillion Market Across 38 Countries: Piyush Goyal

India’s network of free trade agreements (FTAs) now provides businesses with preferential access to markets across 38 countries with a combined GDP of nearly $70 trillion, Commerce and Industry Minister Piyush Goyal said on Tuesday, describing the agreements as a transformational opportunity for Indian manufacturers to expand their global footprint.

Speaking at the 22nd J.R.D. Tata Memorial Lecture organised by ASSOCHAM, Goyal said India’s trade strategy has evolved significantly over the past decade, opening doors to some of the world’s largest markets and creating fresh opportunities for Indian industry.

“The nine trade agreements that we have concluded cover 38 countries. Collectively, these countries represent nearly a $70 trillion GDP,” Goyal said.

Drawing inspiration from the legacy of J.R.D. Tata, Goyal said the visionary industrialist would have been among the first to seize the opportunity presented by India’s expanding FTA network.

“If J.R.D. Tata were here with us today, imagine how he could have leveraged this opportunity,” Goyal said, referring to Tata’s relentless pursuit of quality, innovation and globally competitive manufacturing.

The minister urged Indian businesses to think beyond the domestic market and leverage the country’s trade agreements to build globally competitive enterprises.

“Leveraging the large Indian market is important, but each one of us must also look at global markets. That’s where we will get larger scale. That’s where we will be able to leverage all the doors that are being opened up for you,” he said.

For the automotive industry, Goyal’s remarks come at a time when India is strengthening its position as a global manufacturing and export hub. According to the Society of Indian Automobile Manufacturers (SIAM), the country exported a record 6.64 million vehicles in FY2025-26, the highest ever, reflecting growing international demand for vehicles manufactured in India. The Automotive Component Manufacturers Association of India (ACMA) has also reported continued growth in component exports, underscoring India’s expanding role in global automotive supply chains.

The government’s export push also coincides with capacity expansion by several vehicle manufacturers and component suppliers, who increasingly view India as both a production base for domestic demand and an export hub serving Europe, the Middle East, Africa, Latin America and other emerging markets. The recently concluded India-UK Comprehensive Economic and Trade Agreement (CETA), alongside other trade agreements, is expected to create additional opportunities for the automotive sector through phased tariff reductions and improved market access for eligible products.

Goyal said India’s next phase of industrial growth would depend not on producing more, but on producing smarter through technology, automation, design, branding and globally competitive quality.

“The future of manufacturing cannot just be left to producing more. It will have to be producing smart. It will have to be producing globally competitive products at prices and quality that make them accepted around the world,” he said.

The minister also called on industry to invest in emerging technologies such as artificial intelligence, semiconductors, quantum computing, robotics, biotechnology and advanced materials, describing them as the building blocks of India’s next manufacturing revolution.

Closing his address, Goyal invoked one of J.R.D. Tata’s core beliefs on quality, urging Indian manufacturers to pursue excellence rather than settle for mediocrity.

“The best quality inspector is not a quality control officer, but one’s own conscience. Do not compromise on quality ever,” he said, adding that India’s ambition should now be to transform ‘Make in India’ into ‘Make in India for the World’, using technology, innovation and exports to drive the country’s next phase of industrial growth.