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India eyes preferential market access for $85 trillion economy by trade deals
M
Moneycontrol•12-10-2026, 12:57
India eyes preferential market access for $85 trillion economy by trade deals
- •Commerce and Industry Minister Piyush Goyal stated that India will secure preferential market access to markets with a combined GDP of $85 trillion within a year and a half.
- •India is executing a strategic roadmap to achieve $1 trillion in exports by fiscal year 2027 through comprehensive free trade agreements.
- •Trade negotiations are designed to balance global market expansion with strict protections for sensitive domestic sectors like dairy, MSMEs, farmers, and fishermen.
- •Goyal highlighted that sensitive sectors such as dairy were successfully kept out of trade deals with Australia, New Zealand, the EU, and the US.
- •India is also advancing trade negotiations with Canada and focusing on supply-chain security by reducing over-reliance on single nations for critical goods.
Key Questions Answered
India is following a planned roadmap to achieve $1 trillion in exports in FY27 by expanding market access through free trade agreements, as outlined by Commerce and Industry Minister Piyush Goyal.
India successfully negotiated free trade agreements with Australia, New Zealand, the European Union, and the EFTA without opening up its sensitive dairy sector. Furthermore, dairy was kept out of trade negotiations with the United States.
India has calibrated access to expensive imported cars under its agreements with the United Kingdom and the European Union by utilizing quotas. Once imported car sales reach a significant scale, manufacturers are required to produce them locally in India.
