TOKYO : India is working on free trade agreements with eight to nine more groups of countries and individual nations as the government seeks to bring about 75% of global trade under its network of trade deals.
Commerce and Industry Minister Piyush Goyal said the economies involved in the new negotiations have a combined GDP of around $15 trillion.
India has signed nine free trade agreements over the past four years, covering economies with a combined GDP of about $60 trillion, Goyal said while speaking to business representatives in Japan.
Existing agreements with countries including Japan and South Korea, along with the ASEAN region, add another economy worth about $10 trillion to India’s trade arrangements.
Goyal is visiting Japan from August 24 to 27 with a business delegation of more than 200 representatives from sectors including manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and startups.
Investment is also high on the agenda.
Japan has set a target of investing 10 trillion yen, roughly ₹60,000 crore, in India over the next decade. Semiconductors, artificial intelligence, critical minerals, batteries, energy and next-generation mobility are among the areas being discussed. India has been expanding its trade agreements as companies look for new export markets and manufacturers diversify their supply chains.
The government said earlier this year that India’s existing trade agreements had already provided preferential access to nearly two-thirds of global trade. The new negotiations would push that coverage closer to the 75% target if the proposed agreements are concluded.
Goyal has also been urging Indian companies to make greater use of the trade agreements already in place.
During the Japan visit, he called for stronger investment and trade ties between the two countries and said greater economic cooperation could help create more balanced trade.
The government has not set one common deadline for completing the eight to nine negotiations.
