India Eyes 75% Global Trade Share with New FTAs
By Business Desk
India is negotiating 8-9 new FTAs to cover 75% of global trade, aiming to boost market access and economic integration under Minister Piyush Goyal’s initiative.
India is actively expanding its global trade footprint by negotiating Free Trade Agreements (FTAs) with an additional 8-9 countries and country groups. These new agreements represent an estimated $15 trillion in global GDP, as announced by Commerce and Industry Minister Piyush Goyal.
India’s Expanding Trade Reach
Goyal highlighted this strategic move during an address to business representatives from India and Japan. The nation aims to eventually cover approximately 75% of global trade through its comprehensive network of free trade agreements. This initiative seeks to deepen India’s integration into the global value chain as a reliable partner.
- 8-9 additional countries/groups are currently in FTA negotiations.
- These new agreements represent an extra $15 trillion in global GDP.
- 9 FTAs have been signed over the last four years.
- Existing agreements cover economies with a combined $60 trillion GDP.
- 38 developed countries are included in these existing pacts.
- Total preferential market access, including earlier pacts, extends to a $70 trillion economy.
- 75% of global trade is projected to be covered by India’s FTAs upon successful conclusion.
Mechanisms of Market Access Expansion
India, possessing a substantial domestic market, has proactively opened its economy to the world. The country has already secured significant trade agreements with various global partners. This systematic approach allows Indian businesses greater access to international markets.
The nation has finalized trade agreements with key partners such as the EU, the EFTA bloc, UAE, Mauritius, Australia, Oman, New Zealand, the US, and the UK. Earlier agreements also encompass important economies like Japan, Korea, and the ASEAN region.
Strengthening Bilateral Ties
Minister Goyal is currently leading a delegation of over 200 business representatives in Japan. This visit underscores India’s commitment to reinforcing bilateral trade and investment relationships. Such engagements are crucial for fostering economic cooperation and mutual growth.