India
India’s Goyal Promises Preferential Access to Nearly $85 Trillion of Global GDP for Investors
Union commerce and industry minister Piyush Goyal said on Thursday that India offers global investors preferential access to three‑quarters of the world economy, citing the country’s free trade agreements and upcoming deals. He told about 3,000 delegates from 60 countries at the inaugural session of the 31st Partnership Summit in Visakhapatnam that India has finalised free trade deals with countries representing a combined GDP of $70 trillion and plans to add another $15 trillion soon, bringing total preferential access to nearly $85 trillion of the $115 trillion global GDP.
Goyal highlighted that in the last four and a half years India has signed nine free trade agreements covering 38 developed countries, which together represent $60 trillion of global GDP. Adding earlier agreements before 2014 brings the figure to about $70 trillion. He said India is in advanced stages of finalising a free trade agreement with Canada, expected to be announced during Prime Minister Narendra Modi’s visit next month, and is negotiating with the Eurasian Economic Union, Gulf Cooperation Council, Peru, Chile, Israel, Mexico and the Maldives.
He described India as a “safe harbour” for investors, offering three assurances: open markets, capability to deliver, and reliability or trust. Goyal cited examples of Andhra Pradesh cities moving from steel to silicon, a drone city at Orvakal, a space city at Tirupati and India’s first green hydrogen hub at Pudimadaka. He also mentioned a central research and development fund that supports innovation at a lower cost than in Europe, the United States or Canada, and that India respects intellectual property rights.
Goyal noted India’s role during the Covid‑19 pandemic, sending vaccines, doctors, medicines and food grains to over a hundred countries, as evidence of its reliability. He concluded that the 21st century will be defined by “trust arbitrage” rather than cost arbitrage, emphasizing India’s commitment to good governance, transparency, speed and scale to protect businesses.
The summit is organised by the Confederation of Indian Industry in association with the Union commerce and industry ministry and the Andhra Pradesh government.
Frequently asked questions
How much of the global GDP does India’s preferential access cover?
Nearly $85 trillion of the $115 trillion global GDP.
Which regions is India negotiating free trade agreements with?
Eurasian Economic Union, Gulf Cooperation Council, Peru, Chile, Israel, Mexico and the Maldives.
What assurances does India provide to investors?
Open markets, capability to deliver, and reliability or trust.