India is working to build a wider network of free trade relationships that could eventually cover nearly 75 to 80 per cent of the world’s economies, Commerce and Industry Minister Piyush Goyal said on October 3.Addressing an event organised by the US Indian Community Foundation in Chicago, Goyal said India has significantly expanded its trade negotiations in recent years, with several additional talks currently underway.Key HighlightsIndia aims to build trade relationships covering 75-80% of the world’s economies.Piyush Goyal said India has pursued FTAs with 31 developed and developing countries in recent years.Newer trade relationships cover economies representing around trillion in GDP, according to Goyal.Six to eight additional negotiations are underway, covering economies worth around trillion.India is seeking deeper integration with global supply chains.India Expands Free Trade Agreement NetworkGoyal said India’s free trade agreement network has expanded considerably compared with the period before 2014.According to the minister, India previously had FTAs with economies representing around trillion in GDP. Over the last four to four-and-a-half years, the country has decided to pursue agreements with 31 developed and developing countries.Goyal said the economies covered by these newer trade relationships represent approximately trillion in GDP. With some agreements already concluded and others expected in the coming months, he put the overall figure at around trillion.More Trade Negotiations UnderwayThe Commerce Minister said India is also conducting another six to eight trade negotiations with economies representing approximately trillion in GDP.He said the expanding network could position India at the centre of a broader international web of trading relationships, potentially covering 75 to 80 per cent of the world's economies.The comments come as India continues to pursue trade agreements aimed at improving market access for Indian goods and services and strengthening the country's participation in global supply chains.Focus on Global Trade and InvestmentGoyal also highlighted the opportunities that India's expanding trade network could create for companies operating from the country.A wider network of trade agreements can provide businesses with preferential access to international markets, depending on the specific terms of individual agreements. The government has also been encouraging Indian businesses, including MSMEs and startups, to make greater use of existing FTAs.In September, Goyal called for a nationwide drive to improve utilisation of India's FTAs, saying agreements covering economies with about trillion in GDP already provide preferential access to nearly two-thirds of global trade. The government said upcoming FTAs and deeper market access could raise that figure to around 75 per cent.(READ MORE : Piyush Goyal Says Differences Prevented G20 Trade Ministers From Reaching Outcome)India’s Long-Term Economic AmbitionsGoyal linked the expansion of India's global trade relationships with the country's longer-term economic ambitions.Speaking to Indian-American business leaders, he described India as a roughly trillion economy working towards a trillion economy by 2047. He encouraged businesses and investors to participate in India's economic expansion.The minister also pointed to India's large domestic market, young population, manufacturing capabilities, digital connectivity and growing startup ecosystem as factors supporting greater global trade and investment.
