Commerce Minister Piyush Goyal says India’s free trade agreements to cover 75 % of world economies

Commerce and Industry Minister Piyush Goyal has said India is building a network of free trade relationships that could eventually cover nearly 75 to 80 per cent of the world’s economies. Addressing an event organised by the US Indian Community Foundation in Chicago, Mr Goyal said India has significantly expanded its trade negotiations in recent years, with several more talks underway. He said, the growing network would give companies operating from India access to a much larger international market.

Mr Goyal said that before 2014, India had free trade agreements with economies representing around 10 trillion dollars in GDP. Over the last four to four-and-a-half years, India has decided to pursue free trade agreements with 31 developed and developing countries, covering economies worth around 60 trillion dollars in GDP. He said another six to eight negotiations are currently underway with economies representing around 15 trillion dollars.

Mr Goyal said the expanding trade network would help India integrate more deeply into global supply chains and create greater opportunities for businesses producing goods and services in the country. He also asked Indian-American entrepreneurs to participate in this expansion.