Indian Businesses To See Massive Export Opportunities In EU Market: Piyush Goyal

New Delhi, Jan 31 (KNN) Commerce and Industry Minister Piyush Goyal on Friday underlined the scale of the India–European Union (EU) Free Trade Agreement (FTA), saying the pact covers nearly one-third of the world’s population, accounts for about 25 per cent of global GDP, and represents a significant share of global trade.

Addressing the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI), Goyal said the agreement reflects growing global confidence in India’s economy. 

India’s Economic Position

Expressing confidence in India’s potential to become the world’s third-largest economy, the Minister said, “India today has strong macroeconomic fundamentals and is the fastest-growing large economy in the world, with high growth rates and low inflation. He said India has a robust banking system and strong foreign exchange reserves.”

Export Opportunities in the EU

Highlighting the scope for Indian exporters, the Minister said the EU imports goods worth nearly USD 7 trillion and services worth about USD 3 trillion annually, creating a combined market of around USD 10 trillion. 

He said India currently holds only a small share of this market, indicating significant untapped potential for Indian businesses and professionals.

Investment Commitments

The Minister said India is close to finalising an FTA with Chile to secure access to critical minerals. He highlighted that the EFTA agreement includes a USD 100 billion foreign direct investment commitment, with the potential to generate about 50 lakh jobs. He also noted New Zealand’s commitment to invest USD 20 billion in India over the next 15 years.

(KNN Bureau)