India In Talks For FTAs With 8-9 More Blocs, Eyes 75% Global Trade Coverage: Piyush Goyal

New Delhi, Aug 25 (KNN) India is negotiating free trade agreements (FTAs) with 8-9 more groups of countries and individual nations that together represent about USD 15 trillion in GDP, Commerce and Industry Minister Piyush Goyal said on Monday.

He noted that India's existing and proposed trade agreements could eventually cover around 75 per cent of global trade, helping the country strengthen its role in global value chains and emerge as a trusted trading partner, PTI reported.

Nine FTAs Cover USD 60 Trillion Economies

Addressing business representatives from India and Japan, Goyal highlighted that India has signed nine FTAs over the past four years covering economies with a combined GDP of about USD 60 trillion and 38 developed countries.

Earlier trade agreements with Japan, South Korea and the ASEAN region provide preferential market access to economies worth another USD 10 trillion.

The minister said, “So 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.”

“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 added.

Focus on India-Japan Trade and Investment

Goyal is leading a business delegation of more than 200 representatives to Japan to strengthen bilateral trade and investment ties. 

He said India offers significant investment opportunities in sectors such as data centres, manufacturing and artificial intelligence.

The minister also said stronger economic ties between India and Japan should contribute to more balanced bilateral trade.

Trade Agreements

India has finalised trade agreements with the European Union, EFTA, the UAE, Mauritius, Australia, Oman, New Zealand, the US and the UK. 

It is also negotiating FTAs with countries including Israel and Canada and has initiated negotiations with the Southern African Customs Union (SACU) and the six-member Gulf Cooperation Council (GCC).

(KNN Bureau)