Union Commerce and Industry Minister Piyush Goyal met CA Prasanna Kumar D, President of the Institute of Chartered Accountants of India (ICAI), on Wednesday, 8 July 2026, to explore ways to deepen collaboration between the government and the accounting profession in advancing India's trade and economic growth agenda.

Context

Goyal described the meeting as 'productive', with discussions spanning the evolving role of chartered accountants in facilitating trade and investment, strengthening institutional participation in the Free Trade Agreement (FTA) ecosystem, and helping businesses navigate emerging global opportunities. The meeting signals a deliberate effort to bring professional regulatory bodies into the mainstream of India's trade policy architecture.

ICAI, established in 1949, is the statutory body that regulates the chartered accountancy profession in India, sets accounting and auditing standards, and supports professional development. Its President, CA Prasanna Kumar D, leads an institution whose members serve as key intermediaries for businesses engaged in cross-border commerce.

Policy Backdrop

India's Foreign Trade Policy 2023 placed significant emphasis on export diversification and the utilisation of trade agreements already in force. India concluded Comprehensive Economic Partnership Agreements (CEPAs) with the UAE and Australia in 2022, expanding market access for Indian goods and services. However, low awareness and compliance capacity among domestic firms — particularly MSMEs — have been identified as barriers to realising the full benefits of these agreements.

Chartered accountants occupy a strategic position in this gap: they advise businesses on taxation, transfer pricing, certification, and cross-border structuring — all of which are central to FTA utilisation. ICAI has previously participated in government consultations on international taxation and accounting standards, including the convergence to Ind-AS from 2015 onwards.

Stakeholders and Impact

The immediate beneficiaries of any enhanced ICAI-government collaboration would be MSME exporters, trade-facing businesses, and the broader community of practising chartered accountants who advise on international transactions. Greater institutional capacity within the profession could help firms identify and claim preferential tariff benefits under existing FTAs more effectively.

For the accounting profession itself, a formal role in the FTA advisory ecosystem would represent a significant expansion of scope — from domestic compliance to active participation in India's global trade ambitions. This aligns with the government's broader strategy of raising India's share in global trade through both market-opening deals and domestic institutional capacity-building.

What's Next

India's ongoing FTA negotiations with the European Union and the United Kingdom remain closely watched, and any formal collaboration mechanism between the Ministry of Commerce and ICAI — such as training modules or certification programmes for FTA-related advisory services — would be a concrete outcome to track. Goyal's outreach to ICAI suggests the government views professional bodies not merely as regulators but as active enablers of India's trade competitiveness.