Piyush Goyal’s $85 Trillion Trade Vision: 9 FTAs, 38 Nations and More Deals In The Pipeline

“Now the other four also are feeling the FOMO,” said Union Commerce and Industry Minister Piyush Goyal, describing growing interest in trade partnerships with India. Speaking in the Netherlands, Goyal outlined India’s expanding free trade agreement (FTA) strategy, saying nine trade agreements concluded over the previous four and a half years cover 38 developed nations. He compared the potential market access under these deals with India’s earlier trade agreements and outlined ongoing efforts to negotiate new partnerships with countries and regions including Canada, Israel, Chile, Peru, Mexico, the Eurasian region and the Gulf Cooperation Council (GCC). Goyal estimated that India’s existing and prospective trade partnerships could collectively represent access to markets associated with $85 trillion in GDP, against an estimated $115 trillion in global GDP.