CHICAGO, October 3: Commerce and Industry Minister Piyush Goyal has said India is building a broad network of free trade relationships that could eventually cover 75-80% of the world’s economies, as New Delhi seeks deeper integration with global supply chains and expanded market access for Indian businesses.
India Expands FTA Network
Goyal said India has sharply increased the scale of its trade negotiations in recent years.
He told Indian-American business leaders in Chicago that India is pursuing agreements with developed and developing economies to create a wider network of preferential trade relationships.
Trade Links Could Cover $70 Trillion
According to Goyal, India previously had trade agreements with economies representing about $10 trillion in GDP.
He said agreements concluded or being advanced in recent years involve economies worth around $60 trillion, potentially taking the combined figure close to $70 trillion.
More Negotiations Underway
Goyal said another six to eight trade negotiations are currently underway with economies representing roughly $15 trillion in GDP.
Some agreements have already been completed, while others could move toward conclusion over the coming months.
India Aims to Become Global Trade Hub
The minister said the expanding network could position India at the centre of a wider international trading system.
Greater preferential access could help Indian exporters reach more markets and strengthen the country’s role in global manufacturing and supply chains.
Businesses Encouraged to Invest in India
Goyal urged Indian-American entrepreneurs and US companies to consider expanding their investments and operations in India.
He highlighted opportunities in manufacturing, technology, services and other sectors as India seeks more foreign investment and deeper economic partnerships.
$30 Trillion Economy Goal Highlighted
Goyal also linked the trade strategy to India’s longer-term economic ambitions.
He referred to the government’s goal of expanding India from an economy of around $4 trillion today to $30 trillion by 2047, presenting wider trade access as one part of that growth strategy.
G20 Visit Focuses on Global Trade
Goyal’s comments came during his US visit following participation in the G20 Trade Ministers’ Meeting in Milwaukee.
During the visit, he has held discussions with international counterparts, investors and business leaders on trade agreements, investment and supply-chain cooperation.
India Pushes for Wider Market Access
India’s broader trade strategy includes existing FTAs as well as negotiations with several major economies and regional blocs.
The government says the objective is to provide Indian exporters with greater market access while attracting investment and strengthening the country’s position in global trade.
Source – Press Information Bureau / IANS / Times of India
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