‘75% global trade will be covered’: India negotiating deals
India's Commerce Minister Piyush Goyal announced that the country is negotiating new trade deals that could bring its total free trade agreements to cover 75% of global trade. These efforts aim to integrate India more deeply into global value chains and attract investment in sectors like manufacturing and AI.
Why it matters
Expanding trade agreements is a core component of India's economic strategy to boost GDP and establish itself as a major global manufacturing hub.
Continuing with its push for free trade agreements (FTAs), India is currently negotiating with at least 8-9 additional groups of countries and individual nations. This together represents another $15 trillion in GDP, Commerce and Industry Minister Piyush Goyal said on Monday.He said India’s free trade agreements would ultimately cover around 75 per cent of global trade, helping the country establish itself as a trusted partner in global value chains.Speaking to business representatives from India and Japan, Goyal said India has a sizeable domestic market while also opening itself to the global economy through nine free trade agreements signed over the past four years.The nine agreements cover 38 developed countries with a combined GDP of $60 trillion.Previous trade agreements with countries such as Japan and Korea, as well as the Asean region, have brought another $10 trillion of GDP within the scope of India’s trade arrangements."So…
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