India's Trade Push: Piyush Goyal in Japan, Eyes 75% Global Trade Coverage!
India's Trade Push: Piyush Goyal in Japan, Eyes 75% Global Trade Coverage!
Piyush Goyal leads a massive delegation to Japan, revealing India's aggressive FTA negotiations. Learn how India plans to cover 75% of global trade and become a trusted partner!
India's Commerce and Industry Minister, Piyush Goyal, is currently leading a significant business delegation to Japan, comprising over 200 representatives. This extensive visit, which spans Tokyo, Nagoya, and Osaka, aims to significantly boost trade and investment ties between India and Japan, focusing particularly on drawing investments and fostering technological partnerships.
During his visit, Minister Goyal made a major announcement regarding India's ambitious trade expansion strategy. He revealed that India is actively negotiating Free Trade Agreements (FTAs) with at least eight to nine additional groups of countries and individual nations. These prospective agreements, when finalized, are set to encompass economies with a colossal combined GDP of an additional USD 15 trillion.
Goyal emphasized that these new negotiations, combined with India's existing trade pacts, would eventually cover an impressive 75 per cent of global trade.
This strategic move is designed to solidify India's position as a reliable and trusted partner within global value chains.
He highlighted India's robust large domestic market as a key asset in these discussions.
The Minister also underscored India's track record in trade diplomacy, noting that the country has successfully signed nine Free Trade Agreements over the past four years.
These existing agreements collectively cover economies with a combined GDP of USD 60 trillion and include 38 developed countries.
Earlier pacts, such as those with Japan, Korea, and the ASEAN region, have already opened up market access to an additional USD 10 trillion of GDP, showcasing India's growing integration into the global economy.
