Piyush Goyal reveals how India negotiates FTAs: 'We are a $16 trillion economy in PPP terms…'

Union Commerce and Industry Minister Piyush Goyal outlined India's approach to negotiating free trade agreements (FTAs), highlighting the country's economic growth, expanding consumer market and demographic advantage as key strengths in securing favourable terms with trading partners. He said India's strategy is to balance greater access to international markets with safeguards for vulnerable domestic industries. Goyal said India's current economic size and long-term growth ambitions give it considerable leverage in trade negotiations. While the country has a gross domestic product (GDP) of around $4 trillion, its purchasing power parity (PPP)-based economy is valued at $16 trillion, according to the International Monetary Fund (IMF), he said. "With a population of around 1.4 billion and a relatively young workforce, India offers trading partners access to a large consumer base and long-term growth opportunities. These advantages distinguish India from several developed economies facing ageing populations and slower economic expansion," Goyal said.