Piyush Goyal Leads Business Delegation to Japan to Strengthen Trade Ties

Piyush Goyal is heading a business delegation of more than 200 representatives in Japan.

Continuing with its push for free trade agreements (FTAs), India is currently negotiating with at least 8-9 additional groups of countries and individual nations. This together represents another $15 trillion in GDP, Commerce and Industry Minister Piyush Goyal said on Monday. He said India’s free trade agreements would ultimately cover around 75 per cent of global trade, helping the country establish itself as a trusted partner in global value chains.

Speaking to business representatives from India and Japan, Goyal said India has a sizeable domestic market while also opening itself to the global economy through nine free trade agreements signed over the past four years. The nine agreements cover 38 developed countries with a combined GDP of $60 trillion. Previous trade agreements with countries such as Japan and Korea, as well as the Asean region, have brought another $10 trillion of GDP within the scope of India’s trade arrangements.

"So today India opens up the doors to preferential market access to $70 trillion of economy. We are in negotiations with at least 8 or 9 other groups of countries or countries which will add another $15 trillion. "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," he said according to a PTI report.

Goyal is heading a business delegation of more than 200 representatives in Japan, with the aim of strengthening trade and investment ties between the two countries. He said India offers significant investment opportunities in sectors including data centers, manufacturing and artificial intelligence. The minister also said that stronger economic ties between India and Japan should eventually result in more balanced trade between the two countries.