India seeks FTAs to tap about 75% of world trade
India is going after free trade deals with partners like Canada, Mexico, Chile, Israel, the Southern African Customs Union, and the Gulf Cooperation Council.
Union commerce and industry minister Piyush Goyal says these moves could give Indian businesses easier access to about 75% of world trade.
There are also plans to upgrade existing deals with ASEAN, South Korea, and Japan.
Piyush Goyal backs FTAs, defends GDP
Goyal explained that these FTAs are meant to help Indian exporters compete by lowering tariffs compared to rivals like Bangladesh and Vietnam.
He added that getting better rates in big markets will break down barriers for Indian goods, if India can deliver quality at scale.
Goyal also pushed back against criticism of India's GDP data, saying India's statistical processes are independent of political influence regardless of which party governs and that critics' objections stemmed from "frustration at having missed being part of India's economic success during their own tenures," which he characterized as "sour grapes."