India is building a network of free trade relationships that could eventually cover nearly 75-80 per cent of the world’s economies, commerce and industry minister Piyush Goyal said in Chicago, pitching the country as an expanding base for global trade and investment.Addressing an event organised by the US Indian Community Foundation, Goyal said India had significantly expanded the scale of its trade negotiations in recent years, with another six to eight talks underway.Goyal said India’s free trade agreements before 2014 covered economies representing about $10 trillion in GDP.“In the last 4-4.5 years, we have decided to make free trade agreements with 31 developed and developing countries.”The economies covered by the newer agreements represented about $60 trillion in GDP, he said.“Some have been. Some will be in the next 6-8 months. In a way, you’re talking about 70 trillion dollars,” Goyal said.The minister said another six to eight negotiations were underway with economies representing about $15 trillion.“So, India will become the centre of an international web of global trading relationships. Covering nearly 75-80 per cent of the world’s economies,” he said.Goyal said the widening trade network would give companies operating from India access to a larger international market and support deeper integration into international supply chains. India has been pursuing trade negotiations to seek greater access for its goods and services and deeper integration into global value chains. Such agreements typically seek to lower or eliminate tariffs on specified goods while establishing rules covering services, investment and other areas of economic activity.
$30 trillion economy target
Goyal urged American and Indian-American entrepreneurs to participate in India’s economic expansion as the country works towards growing from a $4 trillion economy today to a $30 trillion economy by 2047.“The opportunity that a $4 trillion economy today, which is working towards becoming a $30 trillion economy by 2047, provides to you for your businesses, for your children and for the shared prosperity of the United States of America and India,” Goyal said.“This big opportunity, you don’t have to leave it. I invite you to join it,” he said.Goyal said India was moving towards its goal of becoming Viksit Bharat by 2047, when it marks 100 years of independence. He said India’s 1.4 billion people had made a collective decision to build a developed country and achieve a better quality of life.“India is moving ahead fast and fast,” Goyal said, describing India as the fastest-growing economy and highlighting opportunities for investors and technology companies.“India has the strength of a young country. India has the enthusiasm… We are a young nation of aspirational boys and girls,” he said, adding “Our average age is 30 years!”Goyal also pointed to changes in manufacturing, infrastructure, digital connectivity and defence production, citing the expansion of commercial airports, growth in defence exports, the spread of 5G connectivity and the development of the startup ecosystem.
US business, investment and innovation
During his Chicago visit, Goyal met US businesses, startups and professional groups to discuss investment, expansion and greater India-US collaboration.He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM), and discussed opportunities for the company to expand its presence and investments in India.“With our rapidly expanding food processing sector, modernizing agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long term collaboration,” he said.Goyal also held talks with Aon CEO Greg Case on the company’s operations in India and scope for further expansion. He highlighted “India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.”On artificial intelligence, Goyal met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging the company’s artificial intelligence solutions and deepening its presence in India.His discussions with the US-India Business Council (USIBC) focused on startups and innovation. Goyal delivered the keynote address at a USIBC roundtable in Chicago on ‘Startups & Innovation: Scaling Ideas, Investment and Growth’.The roundtable covered venture investment, commercialisation and corporate partnerships to help Indian and US startups scale across markets. Goyal also explored opportunities to deepen India-US innovation linkages and support the next generation of high-growth enterprises.
Government support for businesses
Goyal said that government institutions, including Invest India, could assist businesses through their investment journey and help promote trade, investment, tourism and technology transfers.“The United States of America has capital strength, technology strength. India has ambition,” he said.His engagements also included an interaction with the leadership and members of the Institute of Chartered Accountants of India (ICAI) from its Chicago, Michigan and Ohio chapters.“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” Goyal said in his post on X.Goyal was in Chicago after representing India at the G20 Trade Ministers’ Meeting in Milwaukee. During the visit, he also met American companies and investors and held several one-on-one meetings with large investors.The minister shared details of his Chicago engagements on his official X account, highlighting opportunities for investment, innovation and stronger business links between India and the US.