New Delhi: The proposed India–European Union free trade agreement (FTA) — described as the “mother of all deals” — will cover nearly one-third of the world’s population and about 25% of global GDP, Union Commerce and Industry Minister Piyush Goyal said on Friday, underscoring the scale of India’s ambitions to deepen its integration with global markets.
Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in Greater Noida, Goyal said the EU alone imports goods worth nearly $7 trillion and services worth about $3 trillion annually, creating a $10 trillion market opportunity. India’s current exports to the bloc, he noted, represent only a fraction of this potential, leaving significant headroom for expansion.
The minister said India has signed eight free trade agreements over the past four years, marking a fundamental shift in the country’s trade strategy. These include pacts with the 27-nation European Union, the four-nation EFTA bloc comprising Switzerland, Liechtenstein, Norway and Iceland, as well as the UK, Australia, New Zealand, the UAE and Oman.
“These agreements are opening up new opportunities for Indian talent, skills and young professionals, while strengthening India’s participation in global value chains,” Goyal said.
He added that India is close to concluding an FTA with Chile, which is expected to help secure access to critical minerals — a key input for manufacturing and the energy transition. Highlighting investment commitments, Goyal said the agreement with EFTA countries includes a pledge of $100 billion in foreign direct investment into India, aimed at infrastructure, innovation and precision manufacturing, with the potential to generate nearly 50 lakh jobs. New Zealand, he said, has also committed to invest $20 billion in India over the next 15 years, compared with just $70 million over the past 25 years.
Goyal said these commitments reflect growing global confidence in India’s economic trajectory, youthful demographics and skills base. He reiterated that despite volatility in global markets, India remains the fastest-growing large economy with strong macroeconomic fundamentals, a robust banking system and healthy foreign exchange reserves.
“Even amid turbulence in global trade, India’s exports of goods and services continue to grow,” he said, expressing confidence that the country will soon become the world’s third-largest economy.
The minister also underlined the role of professionals, particularly chartered accountants, in India’s journey towards becoming a developed nation by 2047 and a $30 trillion economy. With over 5.25 lakh chartered accountants across 184 chapters in India and operations in 47 countries, he said the profession is well placed to act as a bridge between India and global markets.
Goyal said India’s approach to trade has evolved from caution to confidence, with New Delhi now pursuing FTAs that are “fair, equitable and balanced,” even as it seeks to leverage global opportunities during what he termed a volatile and uncertain phase for the world economy.