India will soon conclude FTA with Chile, gain access to critical minerals: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India will soon conclude a free trade agreement (FTA) with Chile, which will help the country secure access to critical minerals.

Goyal was speaking at the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in Greater Noida.

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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, Goyal 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.

The Union Minister further 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.

On the India-European Union Free Trade Agreement, he 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.

He said it was for no small reason that the President of the European Commission had described the FTA as the “mother of all deals”.

Highlighting the vast potential of the European market, Goyal said the European Union alone imports goods worth nearly $7 trillion and services worth $3 trillion, together representing a $10 trillion market.

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, he noted.

The Union Minister stated that 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 avenues for Indian talent, skills and young professionals, while strengthening India’s integration with global value chains.

Highlighting the critical role of chartered accountants in India’s journey towards becoming a developed and prosperous nation by 2047, Goyal said chartered accountants have decided to be an integral part of India’s march towards Viksit Bharat — a developed and prosperous India by the time the country celebrates 100 years of Independence as a $30 trillion economy.

He underlined that chartered accountants will play an important role not only within India but also as a bridge between India and the rest of the world.