eyes 75-80% of world economy as Goyal pitches India as global trade hub

Commerce and industry minister Piyush Goyal has pitched India as a growing base for global trade and investment. With a network of free trade relationships that could eventually cover nearly 75-80 per cent of the world's economies. Addressing an event organised by the US Indian Community Foundation in Chicago.

Goyal said India had significantly expanded the scale of its trade negotiations in recent years, with another six to eight talks underway.

The economies covered by the newer agreements represented about $60 trillion in GDP. A significant expansion from the $10 trillion covered by India's free trade agreements before 2014.

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In the last 4-4.5 years, India has decided to make free trade agreements with 31 developed and developing countries, with some already in place and others expected to be signed in the next 6-8 months.

This growth will enable Indian companies to tap into a significantly larger global market, thereby fostering greater connectivity with international supply chains. As a result, India is poised to become the centre of an international web of global trading relationships, covering nearly 75-80 per cent of the world's economies.

India's ambitious economic growth targets, including a goal to become a $30 trillion economy by 2047, are expected to create significant opportunities for American and Indian-American entrepreneurs. The government has pledged support for businesses through institutions such as Invest India.

Which can assist with investment journeys and promote trade, investment, tourism, and technology transfers.

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With the United States boasting a $30 trillion economy and India aiming to reach this milestone. The two nations are well-positioned to drive global economic growth.

The G20 Trade Ministers' Meeting in Milwaukee has provided a platform for India to engage with its global partners. Further solidifying its position as a major player in international trade.

As India's trade network expands, the country is well on its way to achieving its ambitious economic targets. With a growing economy and a network of free trade relationships. India is poised to become a major hub for global trade and investment.