India Expands Global Trade Partnerships to Economies Worth $70 Trillion, Says Piyush Goyal

India has significantly expanded its international trade partnerships, with agreements covering 38 countries concluded over the past four years, according to Union Minister of Commerce and Industry Piyush Goyal. Addressing the Bloomberg New Economy Forum in New Delhi on October 14, 2026, the minister said India’s trade agreements now extend to economies with a combined gross domestic product (GDP) of approximately $70 trillion.

The expansion represents a major change in India’s international trade engagement. According to Goyal, the combined economic size of countries covered by India’s trade agreements stood at approximately $10 trillion before 2014. The increase to $70 trillion reflects the country’s efforts to secure greater market access, strengthen commercial partnerships and integrate Indian enterprises into global supply chains.

India Strengthens Trade Relations with 38 Countries

India has concluded nine Free Trade Agreements (FTAs) covering 38 countries over approximately three-and-a-half to four years. These agreements primarily involve developed and high-income economies that offer substantial opportunities for Indian exporters, manufacturers and service providers.

Goyal emphasised that India’s trade strategy seeks to create mutually beneficial partnerships by expanding access to overseas markets while providing international businesses with opportunities in India.

The country’s expanding network of trade arrangements includes partnerships with the European Union, the European Free Trade Association (EFTA), the United Kingdom, Australia and New Zealand, alongside other bilateral and regional arrangements.

These partnerships connect Indian businesses with some of the world’s largest consumer markets and technologically advanced economies.

Trade agreements can reduce customs duties, simplify procedures, improve regulatory cooperation and establish more predictable conditions for businesses operating across borders.

Trade Agreements Expand Access to Global Markets

India’s trade policy increasingly focuses on connecting domestic manufacturing capabilities with international demand.

At a national workshop on leveraging FTAs in September 2026, Goyal stated that India’s nine trade agreements covered economies representing approximately $60 trillion in GDP. During his October 14 address, he placed the broader coverage of India’s trade agreements at approximately $70 trillion.

These figures describe the combined economic size of partner markets rather than the value of India’s exports or actual bilateral trade.

The minister has consistently encouraged Indian industries to make greater use of preferential tariff arrangements to improve their competitiveness in international markets.

Lower import duties can help Indian exporters compete more effectively with manufacturers from countries that already enjoy preferential market access.

However, exporters must also satisfy product standards, rules of origin, certification requirements and other conditions established under individual agreements.

Opportunities for Indian Manufacturing and MSMEs

India’s expanding trade partnerships offer opportunities for manufacturing industries, micro, small and medium enterprises (MSMEs), startups and export-oriented businesses.

Sectors such as textiles, footwear, pharmaceuticals, engineering goods, agricultural products, processed foods and electronics can benefit from improved access to international markets.

Indian manufacturers can combine competitive production costs with expanding industrial infrastructure and technological capabilities to serve overseas customers.

Trade agreements also support the development of international production networks by improving access to specialised machinery, advanced technologies, industrial components and investment.

The Ministry of Commerce and Industry has emphasised the importance of ensuring that smaller enterprises benefit from these arrangements.

During a nationwide FTA outreach initiative announced in September 2026, Goyal called for greater participation by entrepreneurs, traders, startups and women-led enterprises across India’s districts.

The initiative seeks to help businesses understand the provisions of individual agreements and identify opportunities to expand exports.

India Pursues New Agreements with Canada, Mexico and Mercosur

India is continuing negotiations with several important trading partners to expand its international economic engagement.

Speaking at the Bloomberg New Economy Forum, Goyal identified Canada, Mexico, Mercosur and Eurasian partners among the countries and regional groupings involved in ongoing trade discussions.

Mercosur, the South American trading bloc, includes major economies such as Brazil and Argentina. Stronger trade arrangements with the region could create additional opportunities for Indian pharmaceuticals, automobiles, engineering products and other manufactured goods.

Negotiations with Canada present opportunities to deepen commercial relations in sectors including technology, services, agriculture and investment.

Mexico is another significant potential partner because of its manufacturing base, industrial supply chains and connections with North American markets.

Meanwhile, discussions involving Eurasian economies could strengthen India’s commercial relationships across strategically important regions.

These negotiations form part of India’s broader approach to diversifying export destinations and developing resilient international trade partnerships.

Trade Partnerships Support Investment and Technology Cooperation

India’s engagement with developed economies extends beyond conventional merchandise trade.

Modern trade agreements increasingly address investment, services, intellectual property, technical standards, professional mobility and regulatory cooperation.

In June 2026, Goyal highlighted the potential of FTAs to support innovation, industrial modernisation, technological development and employment generation.

He noted that India’s young workforce and competitive production capabilities complement the capital, advanced technology and specialised industrial expertise available in developed economies.

The India–EFTA Trade and Economic Partnership Agreement illustrates this approach.

Under the agreement, the four EFTA countries—Switzerland, Norway, Iceland and Liechtenstein—have committed to facilitating $100 billion in investment into India over 15 years, alongside a target of creating one million direct jobs.

Such arrangements connect market access with longer-term objectives involving investment, manufacturing and employment.

India–US Economic Relationship Remains Strategically Important

Goyal also addressed India’s relationship with the United States during the Bloomberg New Economy Forum.

He described the bilateral relationship as highly consequential and expressed confidence in its continued development.

The minister highlighted cooperation between the two countries across economic, political and security-related areas.

India and the United States maintain extensive engagement in defence exercises, technology partnerships and efforts to develop secure supply chains for goods and services.

Goyal emphasised that the relationship rests on enduring economic and strategic interests.

The United States remains an important market for Indian goods and services, particularly in information technology, pharmaceuticals, engineering products and other knowledge-intensive industries.

Stronger commercial cooperation can also support investments in advanced manufacturing, emerging technologies and industrial research.

Export Competitiveness Becomes a Central Priority

India’s expanding network of trade agreements creates opportunities for domestic industries to compete in markets where preferential tariffs can influence purchasing decisions.

During his September 2026 address, Goyal cited the textile industry’s experience of competing with countries such as Bangladesh and Vietnam.

These competitors have benefited from preferential arrangements in important international markets, sometimes placing Indian products at a tariff disadvantage.

India’s newer trade agreements aim to narrow such differences and improve the competitive position of domestic exporters.

However, tariff advantages represent only one component of international competitiveness.

Manufacturers must also maintain consistent product quality, reliable delivery schedules, efficient logistics and compliance with international regulations.

The government has therefore encouraged industries to increase productivity, adopt improved technologies and develop export-oriented production capabilities.

India’s Trade Strategy Supports Long-Term Economic Growth

India’s expanding international trade network aligns with its broader ambitions to increase manufacturing output, attract investment and strengthen participation in global commerce.

The government’s Viksit Bharat 2047 vision places considerable importance on economic expansion, technological progress, industrial competitiveness and employment generation.

Trade agreements can contribute to these objectives by connecting Indian enterprises with larger markets and encouraging greater integration into international value chains.

For Indian businesses, the growing number of trade arrangements offers opportunities to diversify customers, reduce dependence on individual export markets and establish long-term commercial partnerships.

Effective utilisation of these agreements will be important in translating preferential market access into higher exports, stronger industrial capabilities and sustained economic growth.

With trade partnerships now extending to economies representing approximately $70 trillion in GDP, India is building a broader international commercial network that supports its emergence as a major manufacturing, services and investment destination.

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References

1. News On AIR, October 14, 2026. India Signs Preferential Trade Agreements with 38 Developed Nations in Four Years: Commerce Minister Piyush Goyal.
   https://newsonair.gov.in/india-signs-preferential-trade-agreements-with-38-developed-nations-in-four-years-commerce-minister-piyush-goyal/
2. Press Information Bureau, Ministry of Commerce and Industry, September 3, 2026. Union Minister of Commerce & Industry Shri Piyush Goyal Calls for Nationwide FTA Utilisation Drive to Expand India’s Global Trade Footprint.
   https://www.pib.gov.in/PressReleasePage.aspx?PRID=2306277
3. Press Information Bureau, Ministry of Commerce and Industry, June 11, 2026. India’s FTAs with Developed Economies to Support Growth, Innovation, Quality Upgradation and Job Creation.
   https://www.pib.gov.in/PressReleasePage.aspx?PRID=2271802
4. Press Information Bureau, Ministry of Commerce and Industry, October 12, 2026. Union Minister of Commerce and Industry Shri Piyush Goyal Emphasises a Twin-Track Approach of Global Technologies and Employment Generation.
   https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2322189

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