India Building Trade Network That Could Reach 75% of Global Trade: Goyal

Addressing Indian-American business leaders at an event organised by the US Indian Community Foundation, Goyal said the country had significantly accelerated its engagement with trading partners in recent years and that several additional negotiations were underway.

According to Goyal, India’s existing free trade agreements cover economies representing roughly $60 trillion in GDP and provide preferential access to nearly two-thirds of global trade. He said further agreements and efforts to deepen market access could eventually take India's preferential access to around 75 per cent of global trade.

Goyal described the expanding trade network as an opportunity for companies manufacturing and providing services from India to reach a wider international customer base. He said the strategy was intended to strengthen India's integration into global supply chains while creating new opportunities for exporters.

The minister said India's trade engagement had changed considerably compared with the period before 2014. He highlighted the FTAs concluded with major developed economies and pointed to ongoing negotiations with partners including Canada, Chile, the Gulf Cooperation Council, Mexico, Mercosur, SACU and Israel, as well as efforts to deepen market access with existing partners.

India's agreement with New Zealand is also scheduled to enter into force on October 20, providing duty-free access from the first day for 100 per cent of India's exports to the country, according to the Commerce Ministry.

Goyal said the expanding network should be viewed alongside India's longer-term economic ambitions. He told the gathering that India, which he described as a roughly $4 trillion economy, is working towards becoming a $30 trillion economy by 2047.

He urged Indian-American entrepreneurs and investors to participate in this growth, arguing that India's large domestic market, young population and expanding international trade connections create opportunities for businesses operating across sectors.

“The United States of America has capital strength, technology strength. India has ambition,” Goyal said, highlighting the potential for the two countries to combine their respective strengths.

The minister also pointed to India's demographic profile, saying the country's average age is around 30 and arguing that its young workforce and growing aspirations could support further economic expansion.

Goyal cited developments in manufacturing, infrastructure, digital connectivity, defence production and the startup ecosystem as examples of the changes taking place in India. He also highlighted the expansion of airports and 5G networks as part of the country's broader economic transformation.

He said institutions such as Invest India and India's trade-promotion mechanisms could assist companies looking to establish operations in the country, including by facilitating investment, trade, tourism and technology transfers.

Goyal was speaking in Chicago after representing India at the G20 Trade Ministers' Meeting in Milwaukee. During his US visit, he has also held discussions with American companies, investors and business groups as New Delhi continues negotiations on a proposed India-US bilateral trade agreement.

The minister's comments come as India seeks to diversify its export markets and build deeper trade relationships amid continuing uncertainty in global commerce. At the G20 trade meeting, India also pushed for a rules-based multilateral trading system centred on the World Trade Organization while seeking greater opportunities for its exporters.