Indian Economy News

India-EU Free Trade Pact Covers One-Third of World Population, Impacts 25% of Global GDP

Union Commerce & Industry Minister Mr. Piyush Goyal spoke about the increasing global economic outreach and export opportunities of India at the World Forum of Accountants in Greater Noida. The statement highlighted that the India-European Union Free Trade Agreement (FTA) represents almost one-third of the world’s population and about 25% of the global GDP, which signifies a huge opportunity for Indian commerce and trade. India has entered into eight free trade agreements in the past four years with key trading partners such as the EU, UK, EFTA group of countries, Australia, New Zealand, UAE, and Oman, which are set to integrate Indian businesses into the global value chains. It was further noted that the upcoming FTA with Chile would help enhance the supply of critical minerals. The agreement with the EFTA group of countries includes a commitment of US$ 100 billion in foreign direct investment in India, which has the potential to create almost 50 lakh jobs. The statement also pointed out New Zealand’s commitment to invest US$ 20 billion over the next 15 years, which is a huge increase from its earlier investment of US$ 70 million.

Union Commerce & Industry Minister Mr. Piyush Goyal emphasized the importance of India’s 5.25 lakh-chartered accountants in promoting professionalism, investor confidence, and global partnerships. With strong macroeconomic fundamentals, strong foreign exchange reserves, and strong exports, India is poised to become the third-largest economy in the world. The chartered accountants play a crucial role in facilitating India’s march towards a developed and prosperous nation by 2047, which is a US$ 30 trillion economy, through increased global exposure, skills, and competencies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.