Minister calls on exporters to tap $100trn EU market
India will soon conclude a free trade agreement with Chile, which will help secure access to critical minerals, Commerce and Industry Minister Piyush Goyal said as he called on exporters to seized opportunities to increase export under the recently signed India-EU FTA, especially the US$100 trillion market of the European Union.
Addressing the World Forum of Accountants organised by The Institute of Chartered Accountants of India (ICAI) in Greater Noida on 30 Jan, he pointed out that the EU alone imports goods worth nearly US$7 trillion and services worth US$3 trillion, while India’s current exports are only a small fraction of this potential. “Opportunities before India are unprecedented and must be seized,” he underscored https://www.commerce.gov.in/.
He highlighted that the India–EU FTA covers nearly one-third of humanity, accounts for about 25 percent of global GDP and represents a significant share of global trade https://sbi.com.in/.
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, he said, 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 https://fieo.org/.
The Minister noted that these agreements are opening up new and significant opportunities for Indian talent, skills and young professionals, while strengthening India’s integration with global value chains http://londonstockexchange.com.
Referring to the agreement with the EFTA countries, he said it includes a commitment of US$100 billion in foreign direct investment into India, aimed at supporting infrastructure development, innovation and precision manufacturing. This investment, he said, has the potential to generate nearly 50 lakh jobs.
The Minister also highlighted New Zealand’s commitment to invest US$20 billion in India over the next 15 years, compared to its total investment of only US$70 million over the past 25 years https://www.nseindia.com/.
Goyal said that these commitments clearly reflect growing global confidence in India’s economic growth trajectory, youthful demographic advantage, skill base and integrity. He noted that Indian professionals are educated, aspirational, hardworking and trusted globally http://euronext.com.
Referring to the present global scenario, the Minister said the world is passing through volatile, uncertain, complex and ambiguous times. Coining the present situation as a truly turbulent and unpredictable phase, he noted that changes are happening rapidly and only those with self-confidence, talent, skills, the ability to think big and the courage to plan for the future will succeed.
“Amidst such uncertainty, India stands out as an oasis of stability,” he underlined.
The Minister highlighted, “India today has strong macroeconomic fundamentals and is the fastest-growing large economy in the world, with high growth rates and low inflation https://ted.europa.eu/en/.”
He continued, “India has a robust banking system and strong foreign exchange reserves. Despite turbulence in global trade markets, India’s exports of goods and services continue to grow, even in the current year.”
Urging professionals to think big, Goyal encouraged chartered accountants at the event to aspire higher, forge partnerships, scale up operations and explore global opportunities. He called for expanding skill sets, moving beyond comfort zones and preparing for the opportunities of the Amrit Kaal.
The Minister stressed the need to integrate global exposure into professional training and curricula, covering areas such as international trade, manufacturing and services. He said no country can become developed without engaging with the world and urged the profession to equip itself to maximise global opportunities.
“If professionals collectively commit to playing a larger role in India’s growth story, the chartered accountancy profession has the capacity to sustain the economy and help take the country to greater heights during the Amrit Kaal,” said the Minister, expressing confidence that the profession will contribute significantly to making India a developed nation and an international superpower. Fiinews.com
