Commerce and Industry Minister Piyush Goyal announced on Monday that India is in negotiations with at least eight or nine groups of countries and individual nations. These partners collectively account for another $15 trillion of global GDP.
Goyal emphasized that through free trade agreements, the country will ultimately be able to cover about 75 percent of world trade. This will enable India to establish itself as a reliable partner in global value chains.
Speaking before business representatives from India and Japan, he noted that India possesses a large domestic market and is opening its doors to the world through nine free trade agreements signed over the past four years. These nine agreements cover economies with a combined GDP of $60 trillion and include 38 developed countries.
Previously concluded trade pacts with countries such as Japan and Korea, as well as with the Association of Southeast Asian Nations (ASEAN), have opened access to an additional $10 trillion in GDP.
Goyal stated: 'Today India is opening doors for preferential access to a $70 trillion economy. We are negotiating with at least 8 or 9 other groups of countries or nations that will add another $15 trillion.' He added that free trade agreements will cover approximately 75 percent of world trade, allowing India to become part of the global value chain as a trusted partner.
Currently, Goyal is leading a large business delegation of over 200 representatives aimed at strengthening trade and investment ties between the two countries. The Minister also pointed to significant investment opportunities in India in areas such as data centers, manufacturing, and artificial intelligence. He concluded that growing economic ties should promote balanced trade between India and Japan.