Introduction

Speaking at the World Forum of Accountants organized by the ICAI, Union Minister of Commerce and Industry, Shri Piyush Goyal, highlighted a transformative era in India's global economic engagement. He described the ongoing India-European Union Free Trade Agreement (FTA) negotiations as a monumental endeavor. Citing the President of the European Commission, Goyal noted that this pact is viewed as the "mother of all deals," potentially covering one-third of humanity and impacting a quarter of the global GDP.

Key Economic Highlights
EU Market Size

$10 Trillion

(Goods & Services)
EFTA Investment

$100 Billion

(FDI Commitment)
Job Creation

50 Lakh Jobs

(Projected from EFTA)
Future Economy

$30 Trillion

(Target by 2047)
CA Network

5.25 Lakh

(Professionals globally)
Expanding Trade Horizons

Access to Critical Minerals

A significant announcement from the address was the impending conclusion of a Free Trade Agreement with Chile. Minister Goyal emphasized that this partnership is strategic, specifically designed to secure India's access to critical minerals, which are essential for modern technology and manufacturing sectors.

Surge in Trade Agreements

Reflecting a shift in diplomatic and economic strategy, India has finalized eight trade agreements in just four years. These engagements span major global economies including the EFTA bloc (Switzerland, Liechtenstein, Norway, Iceland), Australia, the UAE, and New Zealand. These deals are rapidly integrating India into global value chains.

Investment & Global Confidence

The EFTA & New Zealand Boost

The agreement with the European Free Trade Association (EFTA) brings a massive commitment of $100 billion in Foreign Direct Investment (FDI), targeted at infrastructure and precision manufacturing. Additionally, New Zealand has committed to investing $20 billion in India over the next 15 years—a staggering increase compared to the $70 million invested over the previous quarter-century.

Oasis of Stability

Despite global geopolitical volatility and market turbulence, Goyal described India as an "oasis of stability." Supported by strong macroeconomic fundamentals and robust foreign exchange reserves, the nation continues to see export growth where other economies falter.

The Role of Professionals

Architects of a $30 Trillion Economy

Addressing the Chartered Accountants, the Minister termed them as the custodians of investor confidence. With over 5.25 lakh members across 184 chapters, Indian CAs are positioned to be global ambassadors. Goyal urged the community to prepare for "Amrit Kaal," envisioning a developed India by 2047, where the profession plays a pivotal role in certifying the financial integrity of a $30 trillion economic powerhouse.

Source Information

Official Source: Ministry of Commerce & Industry via PIB.

Link: Read Full Press Release

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Frequently Asked Questions

Q. What is the significance of the India-EU FTA mentioned by the Minister?
It is described as the "mother of all deals" because it covers nearly one-third of the world's population and involves trade with the EU, which represents a $10 trillion market.
Q. How will the upcoming agreement with Chile benefit India?
The primary strategic benefit of the Chile FTA is securing reliable access to critical minerals, which are vital for India's high-tech and manufacturing industries.
Q. What are the key commitments from the EFTA agreement?
The EFTA bloc has committed to $100 billion in Foreign Direct Investment (FDI) into India, which is expected to generate approximately 50 lakh jobs.
Q. What is India's long-term economic target mentioned in the speech?
The government envisions India becoming a developed nation (Viksit Bharat) and a $30 trillion economy by 2047, marking 100 years of independence.
Q. How many trade agreements has India signed recently?
India has signed eight free trade agreements in the last four years, marking a significant acceleration in its global economic integration.