Collaboration with ICAI expected to strengthen India's competitiveness in global markets

The Union Ministry of Commerce and Industry and the Institute of Chartered Accountants of India convened on July 8 to chart a roadmap for joint action that could enhance India's standing in global trade. Minister Piyush Goyal emphasized that deeper engagement with ICAI would help Indian firms adapt quickly to shifting international trade dynamics and leverage the advantages offered by a growing suite of free‑trade agreements. The dialogue covered topics such as the evolving role of the accounting profession in facilitating cross‑border transactions, providing compliance support, and delivering strategic insights that align business models with global standards. Goyal asserted that by harnessing ICAI's expertise, the government can better inform industry players about opportunities arising from new FTAs, thereby fostering a more resilient and export‑oriented economy.