New Delhi, February 12 (IANS). India now has direct access to 70 percent of the world’s global GDP and zero duty on Indian exports in most global markets. This statement was given by Commerce and Industry Minister Piyush Goyal on Thursday.
Speaking at an event in the national capital, Goyal said India has signed nine free trade agreements (FTAs) with 38 countries in the last three years. This also includes high income group countries and Indian exporters now have access to most of the developed markets of the world.
The Union Minister said India already has trade deals with the 27-nation bloc European Union, four-nation bloc EFTA, the UK, Australia and New Zealand, the United States, while trade deals with ASEAN countries Japan and Korea were earlier concluded.
Goyal urged India’s medtech sector to look beyond the domestic market and take advantage of India’s trade agreements, which provide access to 70 percent of the world’s GDP.
The minister said affordable and scalable medical technology can help reach remote parts of India and also reach global markets in Africa, Latin America, Central Asia, South East Asia and developed economies.
According to the minister, startups should not limit themselves to the domestic market and should participate in global fairs and exhibitions.
He assured that the Commerce Ministry will support the delegations and India’s missions in over 190 countries are available to assist innovators. He also encouraged collaboration with global companies present in more than 100 countries to access developed markets.
The Union Minister said that affordable and scalable medtech products can reduce costs. Innovation must meet India’s everyday needs and grassroots imperatives.
Referring to the startups present at the event, Goyal said many have received CDSCO approval and some are on the verge of getting FDA approval, which will help them expand internationally.
–IANS
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