The News Freedom
Greater Noida, January 30
India’s proposed free trade agreement with the European Union could reshape global commerce, covering nearly one-third of the world’s population and around a quarter of global GDP, Union Commerce and Industry Minister C Goyal said on Friday. Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in Greater Noida, Goyal said the scale of the India–EU agreement explained why the President of the European Commission had described it as the “mother of all deals”.
Highlighting the size of the European market, the minister said the EU imports goods worth about $7 trillion and services worth $3 trillion every year, creating a combined market of nearly $10 trillion. India’s exports, he said, currently account for only a small share of this, leaving what he described as unprecedented opportunities.
Sharing details, Piyush Goyal said that India had signed eight free trade agreements over the past four years, marking a shift in how the country engages with the global economy. These include agreements with the 27-nation European Union, the four-country European Free Trade Association (EFTA), the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman.
He said these deals were opening new avenues for Indian professionals and businesses, while integrating the country more deeply into global value chains. India, he added, is also close to concluding a trade agreement with Chile, which would help secure access to critical minerals.
Referring to the EFTA agreement, Mr Goyal said it includes a commitment of $100bn in foreign direct investment into India, aimed at boosting infrastructure, innovation and advanced manufacturing, with the potential to generate around five million jobs. He also pointed to New Zealand’s pledge to invest $20bn in India over the next 15 years, compared with $70m invested over the past 25 years.
The minister said such commitments reflected growing global confidence in India’s economic prospects, youthful population and skilled workforce. He described India as an “oasis of stability” at a time when the global economy is facing volatility and uncertainty.
Mr Goyal said India remains the fastest-growing major economy, supported by strong macroeconomic fundamentals, low inflation, a robust banking system and healthy foreign exchange reserves. Despite turbulence in global trade, he said India’s exports of goods and services continued to grow.
Speaking about India’s long-term ambitions, the minister said the country was on course to become the world’s third-largest economy, noting that India had risen from 11th place in global rankings since 2014. He credited what he called decisive leadership for boosting confidence and accelerating growth.
He also underlined the role of chartered accountants in India’s development goals, saying the profession would be central to the country’s ambition of becoming a developed nation by 2047. With more than 525,000 chartered accountants, including operations in 47 countries, he said the profession was well placed to act as a bridge between India and the global economy.
Mr Goyal urged professionals to think beyond domestic opportunities, expand skills and prepare for global roles, arguing that deeper engagement with the world was essential for India’s growth during what the government describes as the Amrit Kaal.