India negotiating trade pacts with 8-9 more partners, aims to cover 75% of global trade: Goyal
Union Commerce and Industry Minister Piyush Goyal has said India is negotiating free trade agreements (FTAs) with at least eight to nine more groups of countries and individual nations. He made the remarks while addressing a gathering of Indian and Japanese business representatives in Tokyo on Monday (August 24, 2026).
"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 $15 trillion," Mr. Goyal said.
The minister explained that India has signed nine FTAs in the past four years, which together cover 38 developed countries and economies with a combined gross domestic product (GDP) of $60 trillion. Along with earlier trade pacts with Japan, South Korea, and the ASEAN region, which have opened another $10 trillion in GDP, India's existing agreements already provide preferential access to a $70 trillion economic space.
These agreements form a significant part of India's trade architecture. They allow Indian goods to enter partner markets with lower tariffs, giving businesses a competitive advantage. Similarly, they provide foreign companies easier access to India's domestic market, promoting investment and technology transfer.
According to Mr. Goyal, once the ongoing negotiations are completed, India's free trade agreements will cover about 75% of global trade. He said this would help position India as a trusted partner in global value chains. Global value chains refer to the network of production and trade that spans multiple countries, with each participating in different stages of manufacturing. Becoming an integral part of these chains could help Indian industries upgrade technology, improve competitiveness, and expand their export base.
Free trade agreements are international treaties that reduce or eliminate barriers to trade, such as import duties and quotas. They enable businesses to access new markets on favourable terms and make it easier for companies to source inputs from partner countries. For India, a wider FTA network means greater opportunities for its exporters and a more attractive destination for foreign investment.
Mr. Goyal is leading a business delegation of over 200 representatives to Japan as part of efforts to boost trade and investment between the two countries. He highlighted data centres, manufacturing, and artificial intelligence as promising areas for investment in India. The minister invited Japanese companies to explore these opportunities, noting India's large domestic market and ongoing economic reforms.
The minister also stressed the importance of balanced trade between India and Japan. He said that increasing economic ties should lead towards mutually beneficial outcomes for both countries. His visit to Tokyo is seen as part of India's broader efforts to deepen economic engagement with key partners in the Indo-Pacific region.
India's trade diplomacy has expanded considerably in recent years, with the government signing agreements with multiple partners and negotiating newer ones. The proposed additions would take India's preferential trade coverage to a large majority of global commerce, reinforcing its position in the world economy.
