India in talks for at least 9 more FTAs with a combined GDP of $15 trillion: Piyush Goyal
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India is negotiating free trade agreements (FTAs) with at least 8-9 more groups of countries and individual nations that together account for another $15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said on Monday.
Goyal said India's FTAs would eventually cover about 75% of global trade and help position the country as a trusted partner in global value chains.
Addressing business representatives from India and Japan, Goyal said India has a large domestic market and is opening its doors to the world through nine FTAs signed over the last four years.
These nine agreements cover economies with a combined GDP of $60 trillion and 38 developed countries, he said.
Earlier trade pacts with countries including Japan and Korea, as well as the ASEAN region, have opened access to another $10 trillion of GDP, Goyal added.
"So today India opens up the doors to preferential market access to $70 trillion of economy. We are in negotiations with at least 8 or 9 other groups of countries or countries which will add another $15 trillion. Basically 75% 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.
Goyal is leading a business delegation of more than 200 representatives in Japan to strengthen trade and investment ties between the two countries.
The minister said India offers significant investment opportunities in areas such as data centres, manufacturing and artificial intelligence.
He added that growing economic ties between India and Japan should lead to more balanced trade between the two countries.
During his ongoing visit to Japan, Goyal also held meetings with several business leaders.
“Met with Mr. Toshiaki Nagasato, President & Representative Director of Meiji Seika Pharma Co., Ltd. Discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand the company's manufacturing & R&D footprint in India. India's pharmaceutical ecosystem offers significant opportunities for our Japanese partners to scale & achieve long-term growth,” Goyal posted on twitter.
He also held a meeting with Shingo Ueno, President & CEO at Sumitomo Corporation.
“Began my engagements in Tokyo with an excellent meeting with Mr. Shingo Ueno, President & CEO at Sumitomo Corporation. We discussed opportunities to deepen the company’s engagement with India across energy transformation, mobility and industrial infrastructure. India’s investment-led growth and expanding manufacturing ecosystem offer immense opportunities for greater collaboration, further strengthening the India-Japan economic partnership,” he wrote on X.