New Delhi: Commerce and Industry Minister Piyush Goyal on Saturday said that Bihar’s talent and products are now carving out a new identity in global markets.
In a post on social media platform X, the minister said that with the Prime Minister Narendra Modi government’s new free trade agreements (FTAs), “doors to international markets are opening for Bihar’s agriculture and agro-processing, textiles, leather, footwear, engineering, chemicals, and pharmaceutical products”.
As India registered highest-ever exports at record $863.1 billion in FY2025-26, various FTAs are deepening global market access, strengthening export diversification and labour-intensive sectors for the Indian companies and entrepreneurs.
The government has undertaken several initiatives to diversify export markets, including the signing of FTAs, pursuing trade negotiations with major economies and undertaking focused export promotion activities through Export Promotion Mission, Indian Missions overseas, Export Promotion Councils (EPCs), industry associations and other stakeholders.
The government has signed nine FTAs over the last five years. These include India–Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), India–UAE CEPA, India–Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), India–Oman CEPA, India–UK Comprehensive Economic and Trade Agreement (CETA) and the India–New Zealand FTA.
FTAs are entered into with trading partner countries primarily to increase bilateral trade by expanding market access and building on trade complementarities.
They provide enhanced export potential, create benefits for industry and farmers and enhance job opportunities.
FTAs facilitate preferential market access for products from labour-intensive sectors, boosting growth and employment opportunities in sectors such as textiles, apparel and leather goods.
They endeavour to deliver a comprehensive, balanced, broad-based and equitable agreement based on fairness, reciprocity and overall benefit to all stakeholders.
The FTAs include provisions on Technical Barriers to Trade to promote mutual understanding of each side’s standards, technical regulations, and measures, and to enhance transparency. These provisions facilitate smoother and more effective access to export markets for Indian goods. The Government engages with trading partners through bilateral, regional and multilateral mechanisms to address non-tariff barriers (NTBs) and improve market access for Indian exports.
(IANS)
