Goyal Says India Negotiating More FTAs to Cover Global Trade

India is negotiating free trade agreements (FTAs) with at least eight to nine more groups of countries and individual nations as it seeks to expand preferential market access and deepen its integration with global value chains, Commerce and Industry Minister Piyush Goyal said on Monday. The proposed agreements could cover economies with a combined gross domestic product of around $15 trillion, taking the total economic coverage of India's trade agreements significantly higher.

Goyal said India's existing and recently concluded trade agreements already provide access to a substantial portion of the global economy. Speaking to business representatives from India and Japan, he said India had signed nine FTAs over the past four years covering economies with a combined GDP of about $60 trillion and 38 developed countries. Earlier agreements with countries including Japan and South Korea, along with the ASEAN region, provide access to another $10 trillion economy, taking the overall figure to around $70 trillion.

According to Goyal, the ongoing negotiations could add another $15 trillion to the economies covered by India's preferential trade arrangements. He said the government's broader objective is for India's FTAs to eventually cover around 75 per cent of global trade. Such agreements are expected to provide Indian businesses with greater access to international markets while helping the country establish itself as a trusted participant in global supply and value chains.

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The minister highlighted India's large domestic market as an important strength while discussing the country's approach to international trade. He said India was opening its doors to the world while simultaneously seeking opportunities for Indian companies in overseas markets. The expansion of trade agreements is aimed at creating a wider platform for exporters and strengthening India's links with major economies and trading blocs.

Goyal is currently leading a business delegation of more than 200 representatives during his visit to Japan as India seeks to strengthen trade and investment ties between the two countries. He pointed to significant investment opportunities in India, particularly in areas such as data centres, manufacturing and artificial intelligence. The minister also said that stronger economic engagement between India and Japan should contribute to achieving a more balanced trade relationship between the two countries.

India's expanding FTA network comes as the government seeks to boost exports, attract investment and increase the participation of domestic businesses in global supply chains. By pursuing agreements with additional countries and economic groups, New Delhi is looking to widen market access for Indian products and services while strengthening commercial partnerships. If the ongoing negotiations progress as planned, Goyal said the agreements could eventually bring a significant share of global trade within India's preferential trade framework.

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