India pursues 8-9 new trade blocs to reach 75% global trade coverage

India's free trade agreement portfolio has expanded significantly, with Commerce and Industry Minister Piyush Goyal announcing ongoing negotiations with multiple country blocs that could substantially increase the nation's trading reach.

Goyal said India has already signed nine free trade agreements over the past four years, covering economies with a combined GDP of USD 60 trillion and encompassing 38 developed nations. These existing pacts with countries including Japan and South Korea, as well as agreements with the Association of Southeast Asian Nations, have unlocked market access valued at USD 10 trillion in additional GDP.

"India today opens its doors to preferential market access worth USD 70 trillion of global economy," Goyal said while addressing business representatives from India and Japan. The minister added that negotiations with at least 8-9 further country groupings and individual nations could add another USD 15 trillion in combined GDP to India's trade portfolio.

Once these negotiations conclude, India's free trade agreements are expected to cover approximately 75 per cent of global trade. The expansion reflects India's strategy to position itself as a trusted and reliable partner within global value chains while leveraging its substantial domestic market as a negotiating asset.

The minister emphasized that India's approach combines opening market access with securing preferential trading terms that align with the country's development priorities and manufacturing capabilities.