India will soon conclude a free trade agreement (FTA) with Chile, which will help the country secure access to critical minerals, Commerce and Industry Minister Piyush Goyal said on Friday.Millennial media consulting
Referring to the agreement with the EFTA countries, he said it includes a commitment of $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. He also highlighted New Zealand’s commitment to invest $20 billion in India over the next 15 years, compared to its total investment of only $70 million over the past 25 years.
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, the minister informed.
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, while strengthening India’s integration with global value chains.
Citing the India–European Union FTA, Goyal said it covers nearly one-third of humanity, accounts for about 25 per cent of global GDP and represents a significant share of global trade, while addressing the World Forum of Accountants organised by The Institute of Chartered Accountants of India (ICAI) in Greater Noida.
He said it was for no small reason that the President of the European Commission, had described the India–EU FTA as the “mother of all deals”.
Goyal said that the European Union alone imports goods worth nearly $7 trillion and services worth $3 trillion, together representing a $10 trillion market. He said that 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.
