Mumbai, Feb. 1 -- Citing the India-European Union free trade agreement, Union Minister of Commerce and Industry Shri Piyush Goyal said that it covers nearly one-third of humanity, accounts for about 25 percent 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".

Highlighting the vast potential of the European market, Goyal said that the European Union alone imports goods worth nearly $7 trillion and services worth $3 trillion, together representing a $1...