‘75% of global trade will be covered’: Piyush Goyal says India is negotiating FTAs with other 8-9 blocs

India is negotiating free trade agreements with at least eight to nine more groups of countries and individual nations that together account for another USD 15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said during his visit to Japan. He added that these agreements would eventually cover about 75 per cent of global trade and help position India as a trusted partner in global value chains.

Goyal highlighted that India has a large domestic market and has signed nine free trade agreements in the last four years. These agreements cover economies with a combined GDP of USD 60 trillion and 38 developed countries. Earlier trade pacts with countries including Japan, Korea, and the ASEAN region have opened access to another USD 10 trillion of GDP.

He said, "So today India opens up the doors to preferential market access to USD 70 trillion of economy. We are in negotiations with at least 8 or 9 other groups of countries or countries which will add another USD 15 trillion." He added, "Basically 75 per cent of global trade will be covered through our free trade agreements, opening India to become a part of the global value chain as a trusted partner."

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Goyal is currently leading a business delegation of more than 200 representatives to Japan to boost trade and investment ties between the two countries. The four-day visit includes stops in Tokyo, Nagoya, and Osaka for government-to-government and business-to-business meetings across multiple sectors. Discussions focus on investments and partnerships in areas such as semiconductors and artificial intelligence.

In Tokyo, Goyal is scheduled to meet leaders of major Japanese conglomerates and industrial houses that have partnered in India’s growth. He will also hold a round-table with Keidanren, the Japan Business Federation, representing over 1,500 leading Japanese companies. Sessions on semiconductors, artificial intelligence, start-ups, and engagement with foreign institutional investors are planned. Goyal will hold bilateral talks with Japan’s Minister of Economy, Trade and Industry, Akazawa Ryosei, meet senior Japanese government and Parliament members, and interact with the Indian community in Japan.

The minister noted significant investment opportunities in India in data centres, manufacturing, and artificial intelligence. He said the growing economic ties should lead to balanced trade between India and Japan. The delegation includes representatives from manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare, and start-ups.

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In Nagoya, Goyal will lead a roadshow with Chukeiren, the Central Japan Economic Federation, and the Nagoya Chamber of Commerce and Industry. The visit will conclude in Osaka with an Investors and Business Roadshow and meetings with leading Japanese companies in electronics, industrial, and consumer sectors. The aim is to showcase opportunities across India’s manufacturing, clean energy, and consumer markets.

Officials at the Federation of Indian Chambers of Commerce and Industry said the visit is expected to give fresh momentum to bilateral trade and investment ties.