Tokyo, Aug 24: India is in negotiations with at least 8-9 more groups of countries and individual nations that together account for another USD 15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said here on Monday.
The country’s free trade agreements would eventually cover about 75 per cent of global trade and help position India as a trusted partner in global value chains, Goyal said.
India has a large domestic market and it has opened its doors to the world with nine free trade agreements signed in the last four years, he said addressing business representatives from India and Japan.
These nine agreements cover economies with a combined GDP of USD 60 trillion and 38 developed countries.
The earlier trade pacts with countries, including Japan and Korea , and the ASEAN region have opened another USD 10 trillion of GDP.
“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 USD 15 trillion.
“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,” he said.
India has finalised trade pacts with EU, EFTA bloc, UAE, Mauritius, Australia, Oman, New Zealand, US and the UK.
It is also negotiating such pacts with countries such as Israel and Canada. It has signed terms of references to negotiate trade agreements with South Africa-led SACU, and six-nation Gulf Cooperation Council.
Goyal is leading a large business delegation of over 200 representatives here to boost trade and investment ties between the two countries.
He said there are large opportunities for investments in India in areas like data centers, manufacturing and artificial intelligence.
The minister added that strengthening economic ties should lead to balanced trade between India and Japan.
The two-way commerce between the countries grew 9.18 per cent to USD 27.47 billion (exports worth USD 6.03 billion and imports of USD 21.43 billion) in 2025-26 from USD 25.16 billion in 2024-25.
The trade deficit between the two countries rose to USD 15.4 billion in the last fiscal year from USD 12.66 billion in 2024-25. It was USD 12.53 billion in 2023-24 and USD 11 billion in 2022-23.
Goyal also said there are huge opportunities in the space sector as India has opened it for private sector participation.
“India is also a compelling case to set up data centres,” he said adding there are 1,580 Japanese firms operating in India.
“I am told that Suzuki India’s market cap is higher than that of its parent company. We would like to see 1,580 Suzukis developed out of India,” Goyal said.
Talking about the potential in research and development segment, he said the cost of doing innovation in India is very low compared to developed economies.
The minister invited Japanese firms to set up units in the 20 industrial smart cities being developed in India.
India is in the process of developing 100 plug and play industrial parks, he said inviting Japanese companies to set up facilities there.
Goyal also held bilateral meetings with several companies here and discussed ways to boost investments in India.
“Met with a delegation from @TokyoElectronJ, led by Mr. Takeshi Okubo, Corporate Officer and Executive Vice President (Global Sales Division and India Business). We discussed Tokyo Electron’s investments in India’s semiconductor ecosystem and opportunities to strengthen collaboration in advanced manufacturing,” Goyal said in a social media post.
India’s growing semiconductor and electronics ecosystem offers strong potential for Japanese companies to deepen their footprint and participate in India’s growth story, he said.
Goyal also met Juro Baba, Representative Director, Mitsubishi Corporation.
“We discussed opportunities to build on Mitsubishi Corporation’s long-standing presence in India, spanning over nine decades, and to expand collaboration across mobility, energy, and infrastructure,” he added.
In his meeting with Toshiaki Nagasato, President and Representative Director of Meiji Seika Pharma Co., Ltd, Goyal said he discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand the company’s manufacturing and R&D footprint in India.
India’s pharmaceutical ecosystem offers significant opportunities for Japanese partners to scale and achieve long-term growth, he added. (PTI)
