New Delhi: Commerce and Industry Minister Piyush Goyal said India is negotiating free trade agreements with at least eight or nine countries and regional groups, representing a combined GDP of about $15 trillion.
The proposed agreements could further expand preferential market access for Indian companies and strengthen the country’s role in global supply chains.
Nine agreements signed
Addressing business representatives from India and Japan, Goyal said India has opened its economy to the world by signing nine free trade agreements during the past four years.
These agreements cover 38 developed countries with a combined GDP of nearly $60 trillion.
Earlier trade agreements with Japan, South Korea and the Association of Southeast Asian Nations provide access to economies worth another $10 trillion.
Taken together, India currently has preferential market access to economies with a combined GDP of around $70 trillion, the minister said.
Talks could add $15 trillion
Ongoing negotiations with other countries and trading blocs could add another $15 trillion to this figure.
Goyal said India’s expanding network of free trade agreements could eventually cover around 75 per cent of global trade.
The agreements are expected to help Indian businesses enter more international markets and allow India to emerge as a trusted partner in global value chains.
They could also attract companies looking to diversify their manufacturing and supply networks across different countries.
Investment opportunities in India
Goyal is leading a business delegation of more than 200 representatives to Japan to strengthen bilateral trade and investment relations.
He highlighted major investment opportunities available in India, particularly in data centres, manufacturing and artificial intelligence.
India’s large domestic consumer market, growing digital economy and manufacturing ambitions provide significant opportunities for Japanese companies, he said.
Focus on balanced trade
The minister also called for stronger economic cooperation between India and Japan.
He said increasing investment and business engagement should help create more balanced bilateral trade.
The visit is aimed at building new commercial partnerships, encouraging Japanese investments in India and expanding cooperation in technology-led sectors. It also seeks to connect businesses from both countries and identify fresh areas for long-term collaboration.
