India-EU FTA impacts 25% of global GDP: Piyush Goyal

The Union Minister of Commerce and Industry Piyush Goyal on Friday said India-EU FTA deal covers nearly one-third of humanity, which accounts for about 25 percent of global GDP and represents a significant share of global trade.

While addressing the World Forum of Accountants, organised by The Institute of Chartered Accountants of India (ICAI), in Greater Noida, Goyal said it was for no small reason that the President of the European Commission had described the India–EU FTA as the “mother of all deals”.

Highlighting the vast potential of the European market, Goyal said European Union alone imports goods worth nearly $7 trillion and services worth $3 trillion, together representing a $10 trillion market. He said that India’s current exports are only a small fraction of this potential and emphasised that the opportunities before the country are unprecedented and must be seized.

He said India has signed eight free trade agreements in the last four years, reflecting a fundamental shift in the country’s engagement with the global economy. These agreements, he said, cover major economies across Europe and other regions, including the 27-nation European Union, the four-nation EFTA bloc comprising Switzerland, Liechtenstein, Norway and Iceland, the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman.

Goyal noted that these agreements are opening up new and significant opportunities for Indian talent, skills and young professionals, while strengthening the country's integration with global value chains.

He further added that India will soon conclude a free trade agreement with Chile, which will help secure access to critical minerals. Referring to the agreement with the EFTA countries, he said it includes a commitment of $100 billion in foreign direct investment into India, aimed at supporting infrastructure development, innovation and precision manufacturing.

This investment, he said, has the potential to generate nearly 50 lakh jobs. He also highlighted New Zealand’s commitment to invest $20 billion in India over the next 15 years, compared to its total investment of only $70 million over the past 25 years.

Meanwhile, highlighting the critical role of chartered accountants in India’s journey towards becoming a developed and prosperous nation by 2047, Goyal emphasized that chartered accountants have decided to be an integral part of India’s march towards Viksit Bharat. He underlined that chartered accountants will play an important role not only within India but also as a bridge between India and the rest of the world.