India–EU Trade Pact ‘Mother of All Deals’, Says Piyush Goyal at ICAI Forum

Shri Goyal said India has signed eight free trade agreements in the last four years, signalling a decisive shift in how the country engages with the global economy.

Union Minister of Commerce and Industry Shri Piyush Goyal on Thursday described the India–European Union Free Trade Agreement (FTA) as a transformational global pact, noting that it spans nearly one-third of humanity, represents about 25% of global GDP, and accounts for a significant share of world trade.

Addressing the World Forum of Accountants, organised by the Institute of Chartered Accountants of India (ICAI) in Greater Noida, Shri Goyal said it was no coincidence that the President of the European Commission had termed the India–EU FTA the “mother of all deals.”

Highlighting the scale of opportunity, the Minister pointed out that the European Union imports goods worth nearly USD 7 trillion and services worth USD 3 trillion annually, forming a combined USD 10 trillion market. India’s current exports, he said, represent only a fraction of this potential. “The opportunities before India are unprecedented and must be seized,” he stressed.

India’s FTA push reshaping global engagement

Shri Goyal said India has signed eight free trade agreements in the last four years, signalling a decisive shift in how the country engages with the global economy. These include agreements with the 27-nation EU, the EFTA bloc (Switzerland, Norway, Iceland and Liechtenstein), the United Kingdom, Australia, New Zealand, the UAE, and Oman.

“These FTAs are opening new doors for Indian talent, skills and young professionals, while firmly integrating India into global value chains,” he said.

The Minister added that India will soon conclude an FTA with Chile, which will help secure access to critical minerals. Referring to the EFTA agreement, he highlighted the USD 100 billion FDI commitment aimed at boosting infrastructure, innovation and precision manufacturing, with the potential to create nearly 50 lakh jobs.

He also underscored New Zealand’s commitment to invest USD 20 billion in India over the next 15 years, a sharp contrast to its total investment of just USD 70 million over the past 25 years.

Global confidence in India’s growth story

Shri Goyal said these commitments reflect growing global confidence in India’s economic trajectory, youthful demographic profile, strong skill base and professional integrity. Indian professionals, he noted, are educated, aspirational, hardworking and globally trusted.

Referring to the current global environment, he described it as volatile, uncertain, complex and ambiguous, but said India stands out as an oasis of stability. He highlighted India’s strong macroeconomic fundamentals, low inflation, robust banking system, healthy foreign exchange reserves and continued growth in goods and services exports, even amid global trade turbulence.

Expressing confidence in the country’s future, the Minister said India will continue to grow relentlessly and is poised to become the world’s third-largest economy in the near future.

Chartered accountants key to Viksit Bharat 2047

Emphasising the role of professionals, Shri Goyal said chartered accountants will be central to India’s journey towards Viksit Bharat by 2047, when the country aims to become a USD 30 trillion economy. He described CAs as not only nation-builders within India but also as a bridge between India and the global economy.

With over 5.25 lakh chartered accountants, including 4.25 lakh active professionals across 184 chapters in India and operations in 47 countries, the profession is well positioned to project India’s strengths globally. He said the CA fraternity plays a vital role in ensuring true and fair accounts, building investor confidence and attracting global capital.

Urging professionals to think big and aim higher, Shri Goyal called on chartered accountants to forge global partnerships, scale operations, expand skill sets, and move beyond comfort zones to seize opportunities in the Amrit Kaal. He also stressed the need to integrate global exposure—covering international trade, manufacturing and services—into professional education.

Concluding his address, the Minister said that if professionals collectively commit to India’s growth story, the chartered accountancy profession has the capacity to sustain the economy, deepen global engagement, and help India emerge as a developed nation and international superpower.