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India targets 75% of global trade with fresh FTA push, Goyal says
Commerce Minister Piyush Goyal says new trade negotiations worth $15 trillion in GDP will push India's FTA coverage to 75% of global trade. Nine deals signed since 2020 already span $60 trillion.
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Commerce and Industry Minister Piyush Goyal said Monday that India is negotiating free trade agreements with at least eight or nine more country groups and individual nations, aiming to eventually cover 75% of global trade.
Speaking to a gathering of Indian and Japanese business representatives in Tokyo, Goyal said the nine FTAs India has signed in the past four years already cover economies with a combined GDP of $60 trillion and 38 developed countries. Older deals with Japan, Korea and the Asean bloc had opened up another $10 trillion of GDP, he said. Together, India's preferential market access now spans $70 trillion in economic output.
"So today India opens up the doors to preferential market access to $70 trillion of economy," Goyal said. The new negotiations would add another $15 trillion, he said. "Basically 75 per cent of global trade will be covered through our free trade agreements, opening India to become a part of the global value chain as a trusted partner."