Tokyo/New Delhi: India is negotiating free trade agreements (FTAs) with at least eight to nine more groups of countries and individual nations that together account for around $15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said on Monday, as New Delhi seeks to expand preferential market access and integrate more deeply with global value chains.
Goyal said India’s existing and recently signed trade agreements have already opened access to economies with a combined GDP of about $70 trillion, and the ongoing negotiations could take the coverage to a level equivalent to around 75 per cent of global trade.
“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,” Goyal said while addressing business representatives from India and Japan in Tokyo.
He said India has signed nine FTAs over the last four years, covering economies with a combined GDP of around $60 trillion and 38 developed countries. Earlier trade agreements with countries such as Japan and South Korea, as well as the ASEAN region, have added access to economies representing another $10 trillion of GDP.
“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,” he said.
In a separate fireside chat with Nikkei Asia in Tokyo, Goyal said India would amend regulations and introduce new rules within the next two months to address concerns raised by semiconductor and automotive component manufacturers looking to establish production facilities in the country.
“I have assured them within the next two months India will amend the regulations and bring in new rules to accommodate their requests and ensure they have no problems as they bring manufacturing into India,” he said.
(IANS)
