**Executive Summary**
Union Minister of Commerce & Industry Piyush Goyal stated that India's Free Trade Agreements (FTAs) are creating new opportunities in the pharmaceutical, healthcare, and med-tech sectors, strengthening India's global trade position. The document outlines the benefits of these agreements and emphasizes the need for businesses and institutions to actively utilize them, highlighting the goal of achieving a developed India by 2047. Key deadlines or specific action dates are not mentioned.
**Key Points / Main Content**
* **FTAs and Global Trade**
* India has signed nine FTAs in the last three to three-and-a-half years, with five concluded in the past 12 months.
* These agreements have opened nearly two-thirds of global trade to India, offering preferential access, lower duties, and expanded market opportunities.
* India's trade in the pharmaceutical and healthcare sectors has significantly increased.
* **Benefits Across Sectors**
* FTAs benefit not only large industries but also farmers, MSMEs, small industries, and traders.
* Specific sectors like pharmaceuticals and med-tech (medical equipment manufacturing) are gaining new global opportunities.
* Opportunities are opening for those in innovation and emerging technologies.
* **Strengthening India's Position**
* India is recognized as the "Pharmacy of the World" due to its strong presence in the pharmaceutical sector.
* The government aims to build a comprehensive healthcare ecosystem integrating manufacturing, innovation, startups, and hospitals.
* MSMEs are expected to play a significant role in quality upgradation of export products.
* **Expanding Trade Engagement**
* India is expanding trade with multiple regions, including the US, EU, UK, Australia, New Zealand, and European Free Trade Association countries.
* Agreements have been concluded with UAE and Oman, and the Gulf Cooperation Council countries have expressed interest.
* Discussions are progressing with Canada, Mercosur countries, and the Eurasian Economic Union.
* **Healthcare Sector Development**
* There is a need to connect the healthcare sector more strongly with exports, focusing on training skilled professionals like caregivers and nurses.
* Strengthening skill development will support exports, increase remittances, and enhance the global presence of Indian products and services.
* Digital health and emerging technologies, including Artificial Intelligence, are crucial for improving telemedicine and diagnostics for India's population.
* A holistic integrated healthcare ecosystem is essential, requiring coordinated efforts from government, industry, healthcare institutions, and innovators.
* **Traditional Medicine**
* Growing global interest in traditional medicine, such as Ayurveda and Yoga, is noted.
* There is a need to expand research, standardize these systems internationally, and promote them globally through collaborations.
**Impact Analysis**
* **Farmers, MSMEs, and Small Industries**
* **Impact:** These groups will benefit from preferential access, lower duties, and expanded market opportunities through FTAs, contributing to quality upgradation.
* **Action Required:** Actively utilize the opportunities created by FTAs to expand their trade and market presence.
* **Pharmaceutical, Healthcare, and Med-Tech Sectors**
* **Impact:** These sectors will experience new global opportunities due to FTAs. They will also benefit from the development of a comprehensive and integrated healthcare ecosystem, including advancements in digital health and AI.
* **Action Required:** Leverage FTAs for export growth, actively engage in developing and utilizing digital health technologies, and contribute to building an integrated healthcare ecosystem.
* **Businesses and Institutions**
* **Impact:** They will benefit from expanded market access and opportunities created by FTAs.
* **Action Required:** Actively utilize FTAs to drive trade and business growth.
* **Skilled Professionals (e.g., Caregivers, Nurses)**
* **Impact:** Increased demand both domestically and internationally, with opportunities to support exports and increase remittances.
* **Action Required:** Participate in skill development programs to meet the growing demand for healthcare professionals.
* **Innovators and Technology Developers**
* **Impact:** Opportunities to develop and implement advanced applied technologies and AI-driven solutions within the healthcare sector and for global markets.
* **Action Required:** Develop and deploy advanced technologies, including AI, to support telemedicine, diagnostics, and broader healthcare services.
* **Government**
* **Impact:** The government's role is to create pathways and opportunities through FTAs and policy initiatives.
* **Action Required:** Continue to facilitate trade agreements, foster an integrated healthcare ecosystem, and support skill development.
Key Entities Referenced
Free Trade Agreements (FTAs): Agreements aimed at reducing barriers to trade between countries, which are central to the policy's discussion on opening opportunities in various sectors.
Shri Piyush Goyal: Union Minister of Commerce & Industry, who is the primary speaker and subject of the policy statement, highlighting his views and initiatives.
Viksit Bharat by 2047: A vision for a developed India by 2047, serving as the overarching goal for the initiatives and strategies discussed, including those enabled by FTAs.
Ministry of Commerce & Industry: The government ministry associated with the Union Minister, indicating the administrative body overseeing the policy's implementation and related trade agreements.
Artificial Intelligence: A key emerging technology discussed as an enabler for the healthcare sector and a focus area for India's development and global competitiveness.
Ministry of Commerce & Industry
FTAs Opening New Opportunities for Pharma,
Healthcare and MedTech Sectors: Union Minister
of Commerce & Industry Shri Piyush Goyal
FTAs Benefiting Farmers, MSMEs and Innovation Sectors;
Strengthening India’s Role as ‘Pharmacy of the World’: Shri
Goyal
Linking Healthcare Sector with Exports and Skill
Development a Key Priority: Shri Goyal
Posted On: 09 MAR 2026 7:37PM by PIB Delhi
Union Minister of Commerce & Industry Piyush Goyal today said that India’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 2026 on Sabka Sath Sabka Vikas: Fulfilling Aspiration of People in
New Delhi, Shri Goyal said that under the leadership of Prime Minister Narendra Modi, India has signed a
total of nine Free Trade Agreements 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.
Shri Goyal said that Free Trade Agreements 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 med-tech 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 expressed confidence that the strong foundation laid under the leadership of Prime Minister
Narendra Modi will help India move forward and unlock new opportunities in global markets.
The Minister also outlined five priority areas which, he said, could guide India’s journey during the Amrit
Kaal towards achieving the vision of Viksit Bharat by 2047.
He said that the benefits of Free Trade Agreements will be realised only when businesses and institutions
actively utilise them. While the government can open pathways and create opportunities, trade and
business must ultimately be driven by industry. Shri Goyal said that India must build a comprehensive
healthcare ecosystem that brings together manufacturing, innovation, startups and hospitals. Such an
integrated ecosystem will enable the country to fully utilise the opportunities created through FTAs. Headded that MSMEs will play a significant role in this process, particularly in quality upgradation.
According to him, strengthening quality standards and testing facilities will ensure that products exported
from India enhance the Brand India image and showcase the country’s capabilities globally.
Shri Goyal further noted that India is expanding its trade engagement with multiple regions of the world.
He said that India already has agreements or ongoing negotiations with major economies and regions
including the United States, European Union, United Kingdom, Australia and New Zealand, as well as
with the four European Free Trade Association countries — Switzerland, Norway, Liechtenstein and
Iceland. Agreements have also been concluded with United Arab Emirates and Oman in the Gulf region,
while all six countries of the Gulf Cooperation Council have expressed interest in entering into agreements
with India. He added that discussions with Canada are progressing rapidly, while talks are also advancing
with Mercosur countries in Latin America and with the Eurasian Economic Union.
Shri Goyal said that the growing global interest in strengthening trade relations with India reflects the
recognition of India’s economic potential. 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.
The Minister 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.
Shri Goyal also highlighted the importance of digital health and emerging technologies, noting that
Artificial Intelligence and digital health integration are receiving increasing global attention. He said that
Artificial Intelligence should not be viewed with apprehension but should instead be adopted as an
enabling technology. India, he noted, possesses the talent to develop advanced applied technologies and
AI-driven solutions. These technologies can be used to promote telemedicine and improve diagnostics,
helping to deliver better healthcare services to India’s population of 1.4 billion people.
He further emphasised the need to develop a comprehensive and holistic integrated healthcare ecosystem.
According to the Minister, progress will be limited if different stakeholders operate in isolation. Instead,
coordinated efforts among government, industry, healthcare institutions and innovators will ensure greater
benefits for the country.
Shri Goyal also underscored the growing global interest in traditional medicine. He said that systems such
as Ayurveda and Yoga are increasingly being recognised worldwide. He stressed the need to expand
research, standardise these systems internationally and promote them globally through collaborations with
other countries.
The Minister said that a healthy India will form the foundation of a developed India. He expressed
confidence that collective efforts in these areas will help India emerge as a global leader and realise the
vision of becoming a Viksit Bharat.
***
Abhishek Dayal/ Garima Singh/ Ishita Biswas
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