India to get preferential access to 38 developed countries, says Piyush Goyal

India is set to expand its global trade footprint, with Union Minister of Commerce and Industry Piyush Goyal announcing that the country will have preferential access to 38 developed countries. This comes as the UK’s Free Trade Agreement (FTA) with India is expected to come into effect on May 1, following similar agreements with Switzerland, Norway, Liechtenstein, and Iceland that took effect in October.

Goyal expressed optimism about India’s growth prospects for FY27, citing the impending implementation of several more FTAs. The government is actively negotiating trade agreements with around 20 additional countries, including the Gulf Cooperation Council, Eurasia, and Israel.

The FTAs are expected to provide significant opportunities for Indian exporters, particularly in the textile sector, which has faced challenges accessing Western markets due to tariffs and duties. With nearly two-thirds of global trade now open to Indian businesses, the agreements are poised to give a major boost to the country’s exporters.