NEW DELHI: Commerce and Industry Minister Piyush Goyal has said India's free trade agreements will give the country preferential market access covering approximately 76 per cent of global GDP, put at $115 trillion, once eight more bilateral or multilateral agreements now under negotiation are completed. He was addressing the curtain raiser of the Invest Telangana Global Summit in New Delhi, news agency IANS reported on October 30.
Source: IANS via hi INDiA
The minister broke the figure down carefully. India's existing trade agreements have already provided preferential access to a global GDP of $70 trillion — $10 trillion through agreements finalised more than a decade ago and an additional $60 trillion through nine recently finalised agreements. The eight agreements under negotiation would add a further $15 trillion, taking the total towards that 76 per cent mark, according to the Commerce Ministry's statement reproduced from his address.
Source: Commerce Ministry statement via India Education Diary
Goyal noted that the International Monetary Fund has projected global trade growth of barely 1.9 per cent amid global challenges. Against that backdrop, he said, India has set a target of $1 trillion in exports, aiming for 15 per cent growth in the current year. He cited economic growth of 7.7 per cent in the previous year and 7.8 per cent in the first quarter of the current year, and said he expected growth to remain above 7 per cent in the quarter ending September.
Source: IANS via hi INDiA
The address was also a pitch to states to use the deals, not just sign them. Outlining six suggestions for Telangana, Goyal proposed that the state identify its 50 leading export products across goods and services and map the markets offering preferential access under existing FTAs, and set up FTA help desks in every district to help MSMEs, farmers and startups make the most of the agreements. He congratulated Chief Minister A. Revanth Reddy and said Telangana's ambition to grow from an economy of about $200 billion to $3 trillion by 2047 was achievable through collective effort.
Source: Commerce Ministry statement via India Education Diary
For farmers, he pointed to a concrete example: 2.5 metric tonnes of GI-tagged Tandur red gram dispatched from Hyderabad to Australia using the India-Australia free trade agreement. He called for GI-tagged products such as Tandur red gram, Chatpata chilli and Nizamabad turmeric to be taken to global markets with better traceability, packaging and branding so farmers secure a premium. What happens next depends on the eight negotiations actually concluding — until they do, the 76 per cent figure remains a target built on deals still being negotiated, not access Indian exporters can use today.
Source: Commerce Ministry statement via India Education Diary