India is currently negotiating free trade agreements (FTAs) with 8 to 9 more groups of countries and individual nations, which collectively account for $15 trillion of GDP, according to Commerce and Industry Minister Piyush Goyal. Speaking in Tokyo on Monday, Goyal stated that these agreements will eventually cover about 75% of global trade, positioning India as a trusted partner in global value chains. Goyal highlighted that India has a large domestic market and has signed nine FTAs in the last four years, opening its doors to the world.
These agreements cover economies with a combined GDP of $60 trillion and 38 developed countries. Additionally, earlier trade pacts with countries such as Japan and Korea, and the ASEAN region, have opened up another $10 trillion of GDP. The Minister emphasized that concessions under every FTA have been given only after approval from the private sector.
He noted that India now offers preferential market access to a $70 trillion economy, with ongoing negotiations expected to add another $15 trillion. Goyal is leading a large business delegation of over 200 representatives in Tokyo to boost trade and investment ties between India and Japan. Goyal also pointed out that there are large opportunities for investments in India in areas such as data centers, manufacturing, and artificial intelligence.
He added that the increasing economic ties between India and Japan should lead to balanced trade between the two countries.
