Commerce and Industry Minister Piyush Goyal today highlighted that the India-EU Free Trade Pact covers one-third of the world population and impacts 25% of global GDP. Addressing the World Forum of Accountants in Greater Noida, the Minister highlighted the vast potential of the European market. Mr Goyal said that the European Union alone imports goods worth nearly 7 trillion dollars and services worth 3 trillion dollars, together representing a 10 trillion dollar market. He said India’s current exports are only a small fraction of this potential and emphasised that the opportunities before India are unprecedented and must be seized.

The Minister said India has signed eight free trade agreements in the last four years, reflecting a fundamental shift in the country’s engagement with the global economy. These agreements cover major economies across Europe and other regions, including the 27-nation European Union, the four-nation EFTA bloc comprising Switzerland, Liechtenstein, Norway and Iceland, the United Kingdom, Australia, New Zealand, the United Arab Emirates and Oman. The Minister noted that these agreements are opening up new and significant opportunities for Indian talent, skills and young professionals and strengthening India’s integration with global value chains.