India–EU Free Trade Pact Covers One-Third of World Population, 25% of Global GDP: Piyush Goyal

Greater Noida: The India–European Union Free Trade Agreement covers nearly one-third of the world’s population, accounts for about 25% of global GDP, and represents a significant share of global trade, Union Minister for Commerce and Industry Piyush Goyal said on Friday.

Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India in Greater Noida, the minister said it was for this scale and impact that the president of the European Commission had described the India–EU FTA as the “mother of all deals”.

Expanding global trade footprint

Highlighting the scale of opportunity, Goyal said the European Union alone imports goods worth nearly USD 7 trillion and services worth USD 3 trillion annually, creating a USD 10 trillion market. He said India’s current exports constitute only a small fraction of this potential and urged industry and professionals to seize the unprecedented opportunities opened by the agreement.

The minister said India has signed eight free trade agreements over the last four years, marking a structural shift in the country’s engagement with the global economy. These agreements span major economies, including the 27-nation European Union, the European Free Trade Association, the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman.

Investments, jobs and critical minerals

Goyal said India will soon conclude a free trade agreement with Chile, which is expected to strengthen access to critical minerals. Referring to the agreement with EFTA nations, he said it includes a commitment of USD 100 billion in foreign direct investment into India, with the potential to generate nearly 50 lakh jobs. He also cited New Zealand’s commitment to invest USD 20 billion in India over the next 15 years, compared to USD 70 million over the past 25 years.

These commitments, he said, reflect rising global confidence in India’s growth trajectory, youthful demographic advantage, skills base, and institutional credibility.

Economic resilience and exports

The minister said the global economy is passing through a volatile and uncertain phase, but India stands out as an “oasis of stability”. He noted that India has strong macroeconomic fundamentals, low inflation, a robust banking system, and healthy foreign exchange reserves.

Despite turbulence in global trade, India’s exports of goods and services continue to grow, he said, expressing confidence that India will soon emerge as the world’s third-largest economy.

Role of chartered accountants

Highlighting the role of professionals, Goyal said chartered accountants will be central to India’s journey towards becoming a developed nation by 2047. With over 5.25 lakh chartered accountants across 184 chapters in India and a presence in 47 countries, he said the profession is well placed to showcase India’s capabilities globally.

He underlined that the chartered accountancy profession plays a critical role in certifying true and fair accounts, building investor confidence, and attracting global capital. He urged professionals to expand skill sets, build global exposure, forge international partnerships, and prepare for opportunities emerging during the Amrit Kaal.

Concluding his address, Goyal said India now engages with the world with confidence and self-belief, entering into free trade agreements that are fair, balanced, and aligned with national interests.