**Executive Summary**
Union Minister Piyush Goyal addressed the Global Economic Cooperation (GEC) 2026 conference in Mumbai, discussing India's economic growth potential, its role as a reliable global partner, and the importance of protecting farmers' interests in Free Trade Agreements (FTAs). He highlighted India's projected economic growth of $26 trillion by 2047 and its progression toward becoming the third-largest economy by 2027-28. The event, organized by the Future Economic Cooperation Council (FECC) in cooperation with the Ministry of External Affairs and the Government of Maharashtra, took place on February 18, 2026.
**Key Points / Main Content**
* **India's Economic Growth and Global Role:**
* India is expected to add approximately $26 trillion to its economy between now and 2047.
* India aims to become the world's third-largest economy by 2027-28 and a $30-35 trillion developed nation by 2047.
* India is building alliances, deepening friendships, and concluding trade agreements from a position of strength.
* **Free Trade Agreements (FTAs):**
* India has concluded nine agreements between 2022 and now, with more to come.
* The FTAs are negotiated from a position of strength, aiming for a win-win situation for both sides.
* Farmer interests have been fully protected in these FTAs.
* **Outcomes and Benefits of FTAs:**
* FTAs safeguard the growth of MSMEs, protect fishermen, and preserve jobs in India.
* FTAs have secured market access in textiles, footwear, leather, and expanding pharmaceutical exports.
* FTAs have enhanced opportunities for farm and marine product exports and attracting technology and investment.
* **Global Economic Cooperation (GEC) 2026:**
* Organized by the Future Economic Cooperation Council (FECC) in cooperation with the Ministry of External Affairs and the Government of Maharashtra.
* Brings together senior ministerial and business delegations from across the world.
* Aims to shape practical frameworks for resilient and future-ready economic cooperation.
**Impact Analysis**
**Stakeholder: India**
*Impact:*
* India is positioned for significant economic growth, aiming to become a major global economic power.
* Securing strategic trade agreements to benefit various sectors and strengthen international partnerships.
*Action Required:*
* Continue implementing and leveraging FTAs to boost economic growth and global influence.
**Stakeholder: Partner Nations**
*Impact:*
* Opportunity to participate in India's economic growth story and establish mutually beneficial trade relationships.
* Access to a large and growing market, fostering economic cooperation and resilience.
*Action Required:*
* Engage with India in a spirit of sincerity to capitalize on the opportunities for collaboration and mutual growth.
**Stakeholder: Farmers**
*Impact:*
* Interests are fully protected in FTAs, ensuring fair trade practices and market access.
*Action Required:*
* Stay informed about the provisions of FTAs and how they can benefit from new opportunities in global markets.
**Stakeholder: MSMEs, Fishermen, and Indian Workforce**
*Impact:*
* FTAs are designed to safeguard the growth of MSMEs, protect fishermen, and preserve jobs in India.
*Action Required:*
* Adapt to the changing dynamics of trade and leverage new opportunities for growth and employment.
Key Entities Referenced
Piyush Goyal: Union Minister of Commerce and Industry, delivering remarks at the GEC 2026
GEC 2026: Global Economic Cooperation 2026 conference in Mumbai
Free Trade Agreements (FTAs): Referenced in relation to protecting farmers' interests, MSMEs, and other sectors.
Ministry of Commerce & Industry: The ministry under which Piyush Goyal serves as Minister.
Mumbai: Location where GEC 2026 took place.
Ministry of Commerce & Industry
Between Now and 2047, India Will Add $26
Trillion to the Global Economy, A Scale
Unparalleled in History: Union Minister Shri
Piyush Goyal at GEC 2026
From ‘Fragile Five’ to the world's fourth-largest economy,
India Offers the world stability, growth and trust: Commerce
Minister
Piyush Gayal Emphasies that ‘Farmers Interests Have Been
Fully protected in the FTAs
Posted On: 18 FEB 2026 10:48PM by PIB Mumbai
Mumbai, 18 February 2026
Union Minister of Commerce and Industry Piyush Goyal addressed the second day of the Global
Economic Cooperation (GEC) 2026 conference in Mumbai today, emphasised upon country’s
emergence as a credible, indispensable partner in global trade and investment.
Speaking at the GEC 2026, Union Minister of Commerce and Industry, Piyush Goyal
said,“Between now and 2047, India is expected to add approximately $26 trillion to its economy
— a scale of growth opportunity that is unparalleled in history and unlikely to be replicated
anywhere else in the world. The era of economic isolation is over - this is why we are building
alliances, deepening friendships, and concluding trade agreements from a position of strength —nine agreements in four years, with more to come.” He added, “A free trade agreement, for us
is an invitation to partner in India's future, to participate in a journey that will take India from
the world's fourth-largest economy today to the third largest by 2027–28, and ultimately to a
$30–35 trillion developed nation by 2047. The world wants to be part of this story. And India,
open, trusted and growing, is ready to welcome every partner who comes to the table in
sincerity." Organised by the Future Economic Cooperation Council (FECC) in cooperation with
the Ministry of External Affairs and the Government of Maharashtra, GEC 2026 brings together
senior ministerial and business delegations from across the world to shape practical frameworks
for resilient and future-ready economic cooperation.
Noting that India now has concluded agreements with 39 developed nations across, Minister
Goyal attributed this success to a clear and disciplined national purpose. "India has concluded
nine agreements between 2022 and now, within roughly four years. These agreements were
negotiated from a position of strength with an objective of win-win situation to both sides. Trust
enables us to protect our defensive interests and advance our offensive interests
simultaneously. Partner nations have accepted India's position, because we have been honest
and transparent about our objectives.”
Piyush Goyal emphasised that farmers interests have been fully protected in these FTAs. He
added while safeguarding the growth of MSMEs, protecting fishermen, and preserving jobs in
India, the FTAs have at the same time secured market access in textiles, footwear and leather,expanding pharmaceutical exports and have enhanced opportunities for farm and marine
product exports, and attracting technology and investment.”
* * *
PIB Mumbai | Nitin Fulluke/Darshana Rane
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