India’s FTAs to unlock $15tn export potential,at 75% global trade

India is negotiating free trade agreements (FTAs) with at least eight to nine more groups of countries and individual nations, which together account for another USD 15 trillion in economic output, Commerce and Industry Minister Piyush Goyal said on Monday.
Goyal said India’s network of free trade agreements would eventually cover around 75 per cent of global trade, helping the country become part of global value chains and establish itself as a trusted trading partner.Addressing business representatives from India and Japan in Tokyo, Goyal said India has a large domestic market and has increasingly opened its economy to the world through a series of trade agreements.“Today India opens up the doors to preferential market access to USD 70 trillion of economy. We are in negotiations with at least 8 or 9 other groups of countries or countries which will add another USD 15 trillion,” he said.

#WATCH | Tokyo, Japan: Union Minister for Commerce and Industry Piyush Goyal attends the round table meeting with Japan India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI) and the Embassy of India

He says, "Our leaders have declared… pic.twitter.com/zT3NgiP5Oq

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Goyal noted, India has signed nine trade agreements over the past four years, covering economies with a combined GDP of about USD 60 trillion and 38 developed countries.Earlier trade agreements with countries including Japan and South Korea, as well as the ASEAN region, have provided access to markets representing another USD 10 trillion in GDP, he said.Goyal said the expanding network of trade agreements would eventually bring about 75 per cent of global trade within the ambit of India’s FTAs.“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,” he said.
The minister is leading a business delegation of more than 200 representatives to Tokyo as India seeks to deepen trade and investment ties with Japan.Goyal highlighted significant investment opportunities in India in sectors such as data centres, manufacturing and artificial intelligence.He also said that stronger economic engagement between the two countries should contribute towards achieving more balanced trade between India and Japan.

(Business Correspondent)