India negotiating FTAs with 8-9 more countries: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal today said India is negotiating free trade agreements (FTAs) with eight to nine additional countries and trade blocs that together represent around USD 15 trillion in gross domestic product.
The proposed agreements could further expand India’s preferential market access and strengthen its integration with global value chains.
India’s expanding FTA network could eventually cover around 75 per cent of global trade.
He stated this at a business gathering in Tokyo, which was attended by more than 200 Indian and Japanese corporate representatives.
India has signed nine preferential trade agreements over the past four years, providing preferential market access to 38 developed economies with a combined GDP of around USD 60 trillion, Goyal said.
These agreements add to India’s existing trade arrangements with major Asian economies, including Japan, South Korea and the Association of Southeast Asian Nations (ASEAN), which together represent another USD 10 trillion in GDP.
With these agreements, India currently has preferential market access covering economies worth around USD 70 trillion. The ongoing negotiations with another eight to nine countries and blocs could further expand this coverage, potentially bringing it to an equivalent of around 75 per cent of global trade.
The expansion of the FTA network aims to widen India’s access to international markets and strengthen its position as a reliable partner in global value chains. It also forms part of the government’s broader effort to diversify export markets and deepen India’s integration with global production networks.
Goyal, who is leading a high-level trade delegation to Tokyo, also highlighted opportunities for Japanese companies in India’s growing economy. Emerging areas such as data centres, advanced manufacturing and artificial intelligence were identified as sectors with significant potential for Japanese investment.
The minister also stressed the need for deeper economic engagement between India and Japan, with a greater focus on achieving a more balanced bilateral trade relationship. The broader expansion of India’s trade agreement network aims to diversify export markets, attract investment and integrate domestic manufacturing more closely with global supply chains. (BVI)
