1 week ago
India Pursues New FTAs Targeting 75% of Global Trade
India is trying to make more trade agreements with other countries.
These agreements can make it easier for businesses to buy and sell goods and services across borders.
Commerce Minister Piyush Goyal said talks are underway with at least eight or nine more countries or groups.
He said those markets could add about USD 15 trillion to the economies covered by India’s trade pacts.
India already has preferential access to economies worth about USD 70 trillion, according to Goyal.
He said future agreements could cover about 75% of global trade.
India hopes this will help its companies join international supply chains as trusted partners.
Goyal also wants more investment and more balanced trade between India and Japan.
India is negotiating at least eight or nine additional free trade agreements with countries and regional groups.
The proposed agreements could add economies with a combined GDP of about USD 15 trillion to India’s trade-pact coverage.
Piyush Goyal said India’s expanding FTA network could eventually cover about 75% of global trade.
India has signed nine FTAs in the past four years, covering 38 developed countries and economies worth nearly USD 60 trillion.
Goyal led more than 200 representatives to Tokyo to promote India-Japan trade, investment, manufacturing, data-center, and artificial-intelligence cooperation.
- Who
- India, Commerce and Industry Minister Piyush Goyal, Japan, and business representatives from both countries.
- What
- India is negotiating at least eight or nine additional FTAs while seeking stronger trade and investment ties with Japan.
- Where
- Tokyo, Japan.
- When
- The statements were made on Monday; the articles do not provide a specific date.
- Why
- India aims to expand preferential market access, join global value chains, attract investment, and promote more balanced trade with Japan.
Key facts
- Additional FTA negotiations
- At least eight or nine countries or regional groups
- Potential additional coverage
- About USD 15 trillion in combined GDP
- Projected global trade coverage
- About 75% through India’s FTA network
- FTAs signed recently
- Nine agreements during the past four years
- Coverage of recent FTAs
- Thirty-eight developed countries and economies with combined GDP of nearly USD 60 trillion
- Earlier agreements
- Pacts involving Japan, South Korea, and the Association of Southeast Asian Nations opened access to another USD 10 trillion of GDP
- Tokyo delegation
- More than 200 representatives
Quotes
Piyush Goyal
India’s Commerce and Industry Minister
“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 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”
timesnownews.com
telegraphindia.com
Sources
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