India–EU FTA Covers One-Third of Humanity, 25% of Global GDP
Commerce Minister Piyush Goyal says eight FTAs in four years are transforming India’s global trade and talent landscape
- India–EU FTA impacts nearly one-third of world population
- Pact covers about 25% of global GDP and trade flows
- Eight FTAs signed in four years, boosting market access
- Upcoming Chile FTA to support access to critical minerals
GG News Bureau
New Delhi, 30th Jan: Union Minister of Commerce and Industry Piyush Goyal on Friday said that the India–European Union Free Trade Agreement (FTA) covers nearly one-third of the world’s population and accounts for about 25 per cent of global GDP, calling it a landmark deal with far-reaching implications for global trade and Indian industry.
Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in Greater Noida, Goyal said the India–EU FTA represents a major share of global trade and was aptly described by the President of the European Commission as the “mother of all deals”.
Highlighting the scale of opportunity, the Minister noted that the European Union alone imports nearly USD 7 trillion worth of goods and USD 3 trillion worth of services annually. He said India’s current exports form only a small fraction of this market, underlining the vast untapped potential for Indian exporters and service providers.
Goyal said India has signed eight free trade agreements in the last four years, reflecting a fundamental shift in India’s global economic engagement. These include agreements with the 27-nation European Union, EFTA countries (Switzerland, Liechtenstein, Norway and Iceland), the United Kingdom, Australia, New Zealand, the UAE and Oman. He said these pacts are opening new avenues for Indian talent, skills and young professionals, while strengthening India’s integration into global value chains.
Referring to future agreements, the Minister said India is set to conclude an FTA with Chile, which will help secure access to critical minerals. He also highlighted that the EFTA agreement includes a commitment of USD 100 billion in foreign direct investment into India, with the potential to generate nearly 50 lakh jobs. In addition, New Zealand has committed to invest USD 20 billion in India over the next 15 years.
Goyal said these commitments reflect growing global confidence in India’s economic fundamentals, youthful demographic profile and skilled workforce. He underlined that India remains the fastest-growing large economy, supported by strong macroeconomic fundamentals, low inflation, a robust banking system and healthy foreign exchange reserves.
The Minister also highlighted the role of chartered accountants in India’s growth story, noting that over 5.25 lakh CAs across 184 chapters in India and operations in 47 countries are well placed to showcase India’s professional excellence globally.
Concluding, Goyal urged professionals to think big, expand global engagement and align with India’s vision of becoming a developed economy by 2047, saying that India now engages the world with confidence, fairness and self-belief.
