Union Minister of Commerce and Industry Shri Piyush Goyal on Thursday said the India–European Union Free Trade Agreement covers nearly one third of the world’s population, accounts for about 25 percent of global GDP and represents a major share of global trade, underscoring its scale and strategic importance. Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India in Greater Noida, the Minister said the agreement reflects India’s growing confidence and stature in the global economy.
Shri Goyal said the significance of the India–EU agreement is such that the President of the European Commission has described it as the “mother of all deals”. Highlighting the scale of opportunity, he noted that the European Union alone imports goods worth nearly 7 trillion dollars and services worth about 3 trillion dollars annually, together constituting a 10 trillion dollar market. India’s current exports, he said, represent only a small fraction of this potential, leaving vast headroom for growth.
The Minister said India has signed eight free trade agreements in the past four years, marking a fundamental shift in the country’s global economic engagement. These agreements span major economies, including the 27 nation European Union, the four nation EFTA bloc of Switzerland, Liechtenstein, Norway and Iceland, the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman. He said the agreements are opening new opportunities for Indian talent, skills and young professionals while integrating India more deeply with global value chains.
Shri Goyal said India will soon conclude a free trade agreement with Chile, which will help secure access to critical minerals essential for future industries. Referring to the EFTA agreement, he said it carries a commitment of 100 billion dollars in foreign direct investment into India to support infrastructure, innovation and precision manufacturing, with the potential to generate nearly 50 lakh jobs. He also highlighted New Zealand’s commitment to invest 20 billion dollars in India over the next 15 years, compared to just 70 million dollars invested over the past 25 years.
The Commerce Minister said these commitments reflect growing global confidence in India’s growth trajectory, youthful demographics, skill base and institutional integrity. He described Indian professionals as educated, aspirational, hardworking and globally trusted.
Emphasising the role of chartered accountants, Shri Goyal said the profession has resolved to play an integral role in India’s journey towards becoming a developed nation by 2047 and a 30 trillion dollar economy. He said chartered accountants would serve not only domestic needs but also act as a bridge between India and global markets.
Referring to the global environment, the Minister said the world is passing through volatile, uncertain, complex and ambiguous times. Amid this turbulence, he said, India stands out as an oasis of stability, backed by strong macroeconomic fundamentals, low inflation, a robust banking system and strong foreign exchange reserves. Despite global trade disruptions, he said India’s exports of goods and services continue to grow.
Shri Goyal said India has transformed its economic mindset since 2014, when it was the world’s 11th largest economy. With decisive leadership, he said, the country has built confidence and accelerated growth, and is now poised to become the world’s third largest economy much earlier than earlier projections. He added that India now engages with the world with confidence and self belief, entering into free trade agreements that are fair, balanced and equitable.
Highlighting opportunities for professionals, the Minister said chartered accountants have a critical role in building investor confidence by certifying true and fair accounts, thereby attracting global capital. He noted that India has over 5.25 lakh chartered accountants, including more than 4.25 lakh active professionals across 184 chapters in India and a presence in 47 countries, positioning the profession to showcase India’s strengths worldwide.
Urging professionals to think big, Shri Goyal called on chartered accountants to expand skills, form global partnerships, scale operations and prepare for opportunities in the Amrit Kaal. He stressed the need to integrate global exposure into professional education, particularly in international trade, manufacturing and services.
Concluding his address, Shri Goyal said the chartered accountancy profession has the capacity to sustain India’s economic momentum and play a defining role in the country’s rise as a developed nation and global power.
