Piyush Goyal Highlights India's $70 Trillion FTA Market Access

Union Commerce and Industry Minister Piyush Goyal highlighted India's expanding global trade footprint, stating that the country's recently signed Free Trade Agreements (FTAs) now provide preferential access to markets with a combined GDP of nearly $70 trillion.

Addressing an event, Goyal said the new FTAs cover 38 developed economies, describing them as prosperous, high-income nations that complement India's economy rather than compete with it.

He contrasted the current trade strategy with the pre-2014 period, noting that earlier FTAs were largely signed with economies such as ASEAN, SAARC, Sri Lanka, Japan, and South Korea, whose combined GDP stood at around $10 trillion. By adding the new agreements, India has significantly expanded its access to global markets.

Reflecting on India's industrial legacy, Goyal said he often wonders how legendary industrialist JRD Tata would have leveraged such opportunities, given his commitment to quality and perfection.

The minister also underlined India's strong economic performance, stating that the country recorded 7.7% GDP growth last year and 7.8% growth in the last quarter, making it the world's fastest-growing major economy.

He emphasized that this growth was achieved despite global challenges, including ongoing wars, geopolitical uncertainty, and supply chain disruptions. Goyal further noted that even as many Indian exports to the United States faced 50% tariffs for much of the previous year, both merchandise and services exports continued to register growth, demonstrating the resilience of the Indian economy.