India is actively pursuing a significant expansion of its global trade footprint, with Commerce and Industry Minister Piyush Goyal revealing that the nation is currently negotiating at least eight to nine additional Free Trade Agreements (FTAs). Speaking during his visit to Japan, Goyal stated these new agreements are set to encompass countries and blocs representing an additional $15 trillion in Gross Domestic Product (GDP).
Expanding India's Global Market Reach
According to Minister Goyal, these upcoming FTAs will eventually extend India's trade coverage to approximately 75 percent of global commerce. This strategic move aims to solidify India's position as a reliable and trusted partner within global value chains. He emphasized that India, with its substantial domestic market, has already finalized nine FTAs over the past four years, covering economies with a combined GDP of $60 trillion and including 38 developed nations.
Goyal highlighted the impact of existing trade pacts, including those with Japan, Korea, and the ASEAN region, which have already provided preferential market access to economies totaling an additional $10 trillion. "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," Goyal stated, adding, "Basically 75 percent 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."
Boosting Ties During Japan Visit
Minister Goyal is currently leading a delegation of over 200 business representatives on a four-day visit to Japan. The trip aims to strengthen trade and investment ties between India and Japan, with stops planned in Tokyo, Nagoya, and Osaka. The agenda includes high-level government-to-government meetings and business-to-business interactions across various sectors.
Focus on Key Sectors and Investment
Discussions during the visit are concentrating on investment and partnerships in critical areas such as semiconductors and artificial intelligence. In Tokyo, Goyal is scheduled to meet with leaders of major Japanese conglomerates and industrial houses that have existing partnerships in India. He will also hold a roundtable discussion with Keidanren, the Japan Business Federation, which represents over 1,500 leading Japanese companies.
Further sessions are planned on semiconductors, artificial intelligence, startups, and engagement with foreign institutional investors. Goyal is also expected to hold bilateral talks with Japan’s Minister of Economy, Trade and Industry, Akazawa Ryosei, and interact with senior Japanese government officials, Parliament members, and the Indian community in Japan.
The Minister underscored significant investment opportunities available in India, particularly in data centers, manufacturing, and artificial intelligence. He stressed the importance of growing economic ties leading to a balanced trade relationship between India and Japan. The diverse delegation includes representatives from manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare, and startups.
The visit will conclude in Osaka, featuring an Investors and Business Roadshow and meetings with prominent Japanese companies in the electronics, industrial, and consumer sectors. Officials from the Federation of Indian Chambers of Commerce and Industry anticipate that this visit will provide fresh momentum to bilateral trade and investment relations.