India is set to finalize a free trade agreement with Chile, as announced by Commerce and Industry Minister Piyush Goyal. This agreement aims to provide India with access to crucial minerals. Goyal also mentioned an existing agreement with EFTA countries, involving a commitment of $100 billion in foreign direct investment for India. This investment is targeted at bolstering infrastructure development, innovation, and precision manufacturing, with the potential to create around 50 lakh jobs.
India has recently inked eight free trade agreements over the past four years, marking a significant shift in the country’s global economic engagement. These agreements encompass key economies in Europe and other regions, including the European Union, the EFTA bloc (Switzerland, Liechtenstein, Norway, Iceland), the United Kingdom, Australia, New Zealand, the United Arab Emirates, and Oman. The minister highlighted that these agreements are opening up new avenues for Indian talent, skills, and young professionals, while enhancing India’s connectivity with global value chains.
Speaking at the World Forum of Accountants organized by The Institute of Chartered Accountants of India (ICAI) in Greater Noida, Goyal emphasized the importance of the India–European Union FTA. This agreement, covering a substantial portion of the global economy, involves nearly one-third of the world’s population, contributes about 25% to global GDP, and holds a significant share in global trade. Goyal referenced the President of the European Commission’s description of the India–EU FTA as the “mother of all deals.”
Goyal highlighted the vast market potential within the European Union, which imports goods worth nearly $7 trillion and services worth $3 trillion, totaling a $10 trillion market. He pointed out that India’s current exports represent only a fraction of this potential and stressed the unprecedented opportunities awaiting India that must be capitalized upon.
