Commerce and Industry Minister Piyush Goyal on 30 October 2026 said India's free trade agreements (FTAs) now provide preferential market access covering approximately 76 per cent of the global GDP of $115 trillion, with negotiations underway for eight additional bilateral or multilateral agreements that would collectively add a further $15 trillion in preferential access. Goyal made these remarks while addressing the curtain raiser of the 'Invest Telangana Global Summit' in New Delhi.

Breakdown of India's Trade Agreement Coverage

According to Goyal, India's existing trade agreements had already unlocked preferential access to a global GDP of $70 trillion — comprising $10 trillion through agreements concluded more than a decade ago and an additional $60 trillion through nine recently finalised agreements. With negotiations ongoing for eight more pacts, India's cumulative preferential access is on course to touch 76 per cent of all global economic output.

This comes amid a challenging global trade environment. The International Monetary Fund (IMF) has projected global trade growth of barely 1.9 per cent this year. Against that backdrop, Goyal said India had set an ambitious target of $1 trillion in exports, aiming for 15 per cent growth in the current fiscal year — a target he described as reflecting the collective conviction of exporters, industry associations, and businesses to outpace conventional forecasts.

India's Economic Trajectory

Highlighting India's broader economic performance, Goyal noted that the country had moved from being among the so-called 'Fragile Five' economies a decade ago to becoming the world's fifth-largest economy and its fastest-growing major economy. He cited GDP growth of 7.7 per cent in the previous year and 7.8 per cent in the first quarter of the current year, and expressed confidence that growth would remain above 7 per cent in the quarter ending September.

Telangana's $3 Trillion Ambition

Goyal congratulated Telangana Chief Minister A. Revanth Reddy, describing the state's aspiration to grow from an economy of approximately $200 billion to $3 trillion by 2047 as achievable through collective effort by the Central Government, state government, industry, investors, and citizens. He drew a historical parallel, referencing the Motupalli Abhaya Shasana — a maritime trade charter issued in 1244 by Kakatiya ruler Ganapati Deva — to underscore that investors have always sought policy certainty and continuity.

'Impossible doesn't exist in my dictionary,' Goyal said, adding that realising Telangana's target would require contributions from the state government, businesses, farmers, fishermen, scientists, innovators, startups, women entrepreneurs, and technical manpower alike.

Sectors Driving Telangana's Potential

Goyal identified pharmaceuticals, aerospace and defence, value-added agriculture, food processing, research and development, and services as areas where Telangana is well positioned to contribute to the Viksit Bharat vision. He also spotlighted opportunities in global capability centres, design and innovation, and the state's growing talent pool in artificial intelligence and quantum computing.

Notably, Goyal called for taking Telangana's Geographical Indication (GI)-tagged products — including Tandur red gram, Chatpata chilli, and Nizamabad turmeric — to global markets, stressing the importance of traceability, packaging, and branding to help farmers earn a premium for their produce.

What Happens Next

The outcome of the eight ongoing FTA negotiations will be closely watched by industry, as successful conclusion could significantly expand India's export footprint at a time of subdued global trade growth. The Invest Telangana Global Summit itself is expected to attract investors across sectors, with the state's pharma, tech, and agri-processing sectors likely to be in focus.