India is pursuing an ambitious plan to grow its network of trade agreements across North America, Latin America, Africa, and the Gulf, with negotiations already under way or scheduled with several significant nations, after recently signing its historic free trade agreement with the European Union.

India’s Chief Negotiator for the EU-India Free Trade Agreement, Darpan Jain, stated at an event sponsored by the Peterson Institute for International Economics that New Delhi’s trade strategy now focuses on strengthening commercial ties with almost every major area of the world.

“Our intention, broadly, is to cover the entire globe,” Jain stated. Full hands. Full table. Space is taken up by the mind. As a result, we are all working hard to increase our trade, diversify our relationships, and grow our collaborations.

According to Jain, India has already negotiated trade agreements with countries that account for around 50% of the world’s economy and 50% of global trade in the last five years.

Now, attention is shifting to nations where India has comparatively little trade agreements.

India is pursuing a free trade pact with Mexico in addition to Canada in North America. New Delhi is talking with Chile and Peru in Latin America and has started negotiations with the Mercosur bloc to expand its current Preferential Trade Agreement.

Jain said of Mercosur, “We intend to grow that,” and added that Latin America continues to be a significant area where India seeks to improve its trade presence.

In addition, India is stepping up its involvement in West Asia. The nation is currently in discussions with Qatar, the Gulf Cooperation Council, and other nations in the area, according to Jain, who added that it already has trade agreements with Oman and the United Arab Emirates.

Another priority is Africa. To increase its economic engagement throughout the continent, India is having negotiations with Kenya and the Southern African Customs Union.

India has previously signed trade accords with a number of key partners, including Japan, South Korea, Singapore, and ASEAN nations, according to Jain, who was looking eastward. New Delhi has signed agreements with Australia and New Zealand in Oceania.

These statements were made just a few months after the European Union and India concluded one of the world’s largest bilateral trade agreements, connecting economies that encompass over two billion individuals.

According to Jain, the EU agreement was one of India’s most ambitious trade agreements and demonstrated a strong political commitment to broadening market access and boosting India’s integration into international trade.

There is a strong political desire to boost India’s trade ties with other countries, increase access to other markets, and minimize the challenges our exporters confront, he noted.

He noted that the renewed focus on trade deals indicates a bigger change in India’s economic viewpoint, which includes more openness to imports in addition to attempts to boost exports and improve Indian businesses’ global competitiveness.

Similar tactics are being used by the European Union.

Brussels has already attained preferential trade coverage for almost half of its commerce, according to Christophe Kiener, the EU’s main negotiator, and is now concentrating on finalizing agreements in the Indo-Pacific, including negotiations with Thailand, the Philippines, and Malaysia, while also pursuing discussions with the United Arab Emirates.