Economic Outreach in Focus: What Sitharaman, Goyal And Agrawal Set To Achieve In Six Major Markets

India is stepping up its economic outreach to major global markets, with Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Rajesh Agrawal set to engage with six major economies over the coming weeks.

The engagements across Canada, the US, Japan, Argentina, Chile and Brazil come as India seeks to diversify trade, attract investment and expand market access through bilateral trade agreements, while strengthening economic partnerships across regions.

Sitharaman To Visit Canada, US

According to Canada’s Department of Finance, Sitharaman will visit Canada on August 26 and 27 at the invitation of Canadian Finance and National Revenue Minister François-Philippe Champagne.

The two ministers will participate in the inaugural Finance Ministers’ Economic and Financial Dialogue on August 27, covering economic development, financial sector cooperation and shared international priorities.

The Canadian government said the discussions are also expected to address sustainable economic growth, investment and longer-term cooperation. It noted that total direct and indirect Canadian investment in India had exceeded $110 billion in 2024.

Sitharaman is subsequently expected to attend the G20 Finance Ministers and Central Bank Governors meeting in Asheville, US, on August 31-September 1, according to a report by the Hindustan Times (HT).

During the US visit, she is also expected to hold meetings with US officials and investors.

Goyal is scheduled to travel to the US later in September for the G20 trade ministerial meeting in Milwaukee, beginning September 30, the HT report said.

Goyal Leads Major Japan Biz Delegation

Goyal is on a Japan visit from August 24-27 which is focused on deepening trade and investment ties, the Commerce Ministry said in a statement.

He is leading India’s largest-ever business delegation to Japan, with more than 200 representatives from sectors including manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare and start-ups.

The visit includes discussions with Japan’s Economy, Trade and Industry Minister Akazawa Ryosei.

The minister is also scheduled to travel to Tokyo, Nagoya and Osaka, with meetings planned with Japanese companies, investors and business organisations.

India-Japan bilateral trade rose 9.18% to $27.47 billion in 2025-26, while the trade deficit widened to $15.4 billion. The two countries are also reviewing their Comprehensive Economic Partnership Agreement, as per PTI.

South America Key To Trade Diversification

Commerce Secretary Rajesh Agrawal is on a visit to South American countries from August 24-28. He is scheduled to visit Argentina, Chile and Brazil to advance India’s trade diversification strategy.

In Chile, discussions are expected to focus on the proposed CEPA, with market access and critical minerals among the pending issues. India and Chile already have a PTA, which the two sides are seeking to expand.

In Argentina and Brazil, India is expected to discuss expanding its preferential trade arrangement with Mercosur. The bloc’s existing agreement with India covers only 450 tariff lines, with both sides considering a broader framework.

India's bilateral trade reached $5.96 billion with Argentina, $15 billion with Brazil and $6.25 billion with Chile in 2025-26, as per PTI.

Why The Outreach Matters

The simultaneous engagements underline India’s effort to reduce concentration in its trade relationships while securing access to new markets, investment and critical supply chains.

The focus spans finance, manufacturing, technology, critical minerals, clean energy and services.

Goyal has said India is negotiating FTAs with another 8-9 groups of countries and individual nations, which could add another $15 trillion of GDP coverage.

He said India’s existing FTAs and ongoing negotiations could eventually cover about 75% of global trade, as per PTI.