India-EU free trade pact covers one-third of world population: Piyush Goyal
New Delhi: Union Minister of Commerce and Industry Piyush Goyal said the India-EU free trade pact covered nearly one-third of the world’s population and accounted for about 25 per cent of global GDP.
He made the remarks while addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India in Greater Noida. He said the agreement represented a major share of global trade. Therefore, it carried strategic importance for India’s long-term growth.
Goyal said it was not surprising that the President of the European Commission had described the India-EU free trade pact as the “mother of all deals”. Moreover, he said the agreement opened doors to vast global markets.
Highlighting market potential, Goyal said the European Union imported goods worth nearly USD 7 trillion every year. In addition, it imported services worth around USD 3 trillion. Together, this formed a USD 10 trillion opportunity. However, India’s current exports formed only a small part of this market.
Therefore, the minister said India must act decisively to seize these opportunities. He added that India had signed eight free trade agreements in the last four years. As a result, the country had shifted its engagement with the global economy.
These agreements covered major economies across regions. They included the European Union, the EFTA bloc, the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman. Consequently, these pacts created new avenues for Indian talent and young professionals.
India-EU free trade pact anchors broader FTA strategy
Goyal said India would soon conclude a free trade agreement with Chile. This agreement, he added, would help secure access to critical minerals. Similarly, he referred to the agreement with EFTA countries.
He said the EFTA pact included a commitment of USD 100 billion in foreign direct investment. This investment aimed to support infrastructure, innovation and precision manufacturing. In turn, it could generate nearly 50 lakh jobs.
Goyal also highlighted New Zealand’s investment commitment. He said the country planned to invest USD 20 billion in India over the next 15 years. By contrast, it had invested only USD 70 million over the past 25 years.
The minister said these commitments reflected growing global confidence in India. Specifically, he cited India’s economic growth, skilled workforce and youthful population. Moreover, he said Indian professionals remained trusted worldwide.
Referring to global uncertainty, Goyal said India stood out as an oasis of stability. He pointed to strong macroeconomic fundamentals, low inflation and a robust banking system. Despite global trade turbulence, he said India’s exports continued to grow.
Goyal underlined the role of chartered accountants in this journey. He said over 5.25 lakh CAs across 184 chapters showcased India’s professional excellence globally. Therefore, he added, the profession would act as a bridge between India and the world.
