India’s FTAs to open access to $85 tn market

India’s expanding network of free trade agreements (FTAs) is expected to provide domestic exporters preferential access to markets with a combined gross domestic product (GDP) of $85 trillion, covering nearly 76% of the global economy, Commerce and Industry Minister Piyush Goyal said on Friday, urging businesses to look beyond the domestic market and build a global presence.Addressing the fourth edition of the Festival of Ideas, Goyal said India had trade agreements covering economies with a combined GDP of around $10 trillion before 2014. Over the past four-and-a-half years, the government has concluded nine trade pacts covering 38 developed countries with a combined GDP of $60 trillion.Also read: US trade deal will protect all sensitive Indian interests, says Piyush GoyalIndia is negotiating another seven to eight trade agreements that could add markets worth $15 trillion, taking the total economic coverage of its trade arrangements to $85 trillion, out of the world's GDP of $115 trillion, he said.India pursuing trade deals with Canada, GCC, IsraelThe government is negotiating trade agreements with several countries and regional blocs, including Canada, Israel, Mexico, the Gulf Cooperation Council (GCC), the South African Customs Union (SACU) and Chile.Goyal said the expanding trade network would give Indian businesses greater access to international markets through FTAs, bilateral trade agreements and preferential trade arrangements."In such a big market, we will have preferential access through our various FTAs, bilateral trade agreements or preferential trade agreements...now is the time; we will start building global brands. Now is our time in the sun. We have to go global; we have to get out of the cosy comfort of the huge domestic market which consumes everything we produce and instead make world-class quality, package it well, (with) high-quality design," he said.Also read: India will gain strong comparative advantage after US trade deal: Piyush GoyalEU trade pact expected to be signed in DecemberBefore 2014, India's trade agreements included pacts with Singapore, Japan and South Korea, as well as the 10-member Association of Southeast Asian Nations (ASEAN).In the subsequent period, trade agreements with Australia, the United Arab Emirates, Mauritius, Oman, the United Kingdom, the European Free Trade Association (EFTA) and New Zealand have come into force.The EFTA comprises Switzerland, Norway, Iceland and Liechtenstein, while the European Union has 27 member countries.A comprehensive trade agreement with the European Union is expected to be signed in December and could come into effect next year, adding another major market to India's expanding trade network.(With inputs from PTI)