Piyush Goyal claimed that the India-European Union free trade agreement covers one-third of the world’s population and impacts 25% of global GDP.

New Delhi, January 31, 2026: Union Minister of Commerce and Industry Piyush Goyal, on Friday, highlighted the transformative significance of the India-European Union Free Trade Agreement (FTA) while addressing the World Account Forum, organized by the Institute of Chartered Accountants of India (ICAI) in Greater Noida.

Piyush Goyal stated that the India-EU FTA covers nearly one-third of the world’s population, accounts for approximately  25 percent of global GDP, and represents a substantial share of global trade.

He remarked that the European Commission President’s description of the agreement as the mother of all agreements was no exaggeration, given its scale and strategic importance.

Piyush Goyal pointed out immense market opportunities in Europe:

Highlighting the vast potential of the European market, Piyush Goyal noted that the European Union imports goods worth around $7 trillion and services worth $3 trillion, together constituting a $10 trillion market.

He pointed out that India’s current exports form only a small fraction of this potential and emphasized that the opportunities now available to Indian businesses and professionals are unprecedented and must be fully leveraged.

Piyush Goyal said that India has signed eight free trade agreements in the last four years, reflecting a fundamental shift in the country’s global economic engagement.

These agreements cover major economies across regions, including the 27-nation European Union, the EFTA bloc comprising Switzerland, Liechtenstein, Norway, and Iceland, the United Kingdom, Australia, New Zealand, the United Arab Emirates, and Oman.

He added that these FTAs are opening new avenues for Indian talent, skills, and young professionals, while strengthening India’s integration into global value chains.

Investment Commitments and Job Creation:

Piyush Goyal stated that India will soon finalize a Free Trade Agreement with Chile, which will help secure access to critical minerals.

Referring to the agreement with the EFTA countries, he noted that it includes a commitment of $100 billion in foreign direct investment into India, aimed at strengthening infrastructure, innovation, and advanced manufacturing, and is expected to generate around 5 million jobs.

Piyush Goyal mentioned that New Zealand has committed to investing $20 billion in India over the next 15 years, compared to its total investment of only $70 million over the past 25 years, underscoring growing global confidence in India.

The minister said these commitments reflect strong international trust in India’s economic growth trajectory, young demographic dividend, skilled workforce, and credibility, adding that Indian professionals are educated, ambitious, hardworking, and globally reliable.

Role of chartered accountants in Viksit Bharat:

Emphasizing the role of professionals in nation-building, Goyal said that Chartered Accountants have resolved to contribute actively towards the vision Viksit Bharat by 2047, with the goal of making India a $30 trillion economy by the time it completes 100 years of independence.

He underlined that Chartered Accountants will play a vital role not only domestically but also as a bridge connecting India with the global economy.

India as a pillar of stability in a turbulent world:

Referring to the current global scenario, the Minister said the world is passing through a phase marked by volatility, uncertainty, complexity and ambiguity.

Describing the situation as turbulent and unpredictable, he observed that only those with trust, talent, foresight and courage to plan for the future will succeed. Amidst this uncertainty, he said, India has emerged as a symbol of stability.

Goyal highlighted that India today has strong macroeconomic fundamentals, is the fastest-growing major economy, has a robust banking system, and strong foreign exchange reserves. Despite global trade disruptions, India’s exports of goods and services continue to grow.

Recalling India’s economic position in 2014 as the world’s 11^th largest economy, he said that Prime Minister Narendra Modi’s decisive leadership transformed the economic outlook, instilled confidence, and accelerated growth.

He added that India is now confident of becoming the world’s third-largest economy much sooner than earlier anticipated, with the impact of growth visible even in the remotest regions of the country.

The Minister concluded by stating that India now engages with the world with confidence and trust, entering into fair, equitable and balanced free trade agreements, and that professionals—especially Chartered Accountants—have vast opportunities both in India and abroad through global capability centers, investments and international partnerships.

Also Read: Piyush Goyal claimed Bihar was moving forward under a double-engine government.

EOM.