India is in negotiations with at least 8-9 more groups of countries and individual nations that together account for another USD 15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said on Monday.
He added that the country’s free trade agreements would eventually cover about 75 per cent of global trade and help position India as a trusted partner in global value chains.
India has a large domestic market and it opens its doors to the world with nine free trade agreements signed in the last four years, he said here while addressing business representatives from India and Japan.
These nine agreements cover economies with a combined GDP of USD 60 trillion and 38 developed countries.
The earlier trade pacts with countries, including Japan and Korea, and the Asean region have opened another USD 10 trillion of GDP.
“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 said in Tokyo.
Goyal is leading a large business delegation of over 200 representatives to Tokyo to boost trade and investment ties between the India and Japan.
He said that large opportunities for investments in India are there in areas like data centers, manufacturing and artificial intelligence.
The minister added that the increasing economic ties should lead towards balanced trade between India and Japan.
(With PTI inputs)
