Commerce Minister Piyush Goyal Lauds Historic India-EU Free Trade Agreement
Union Commerce and Industry Minister Piyush Goyal has emphatically described the newly concluded India-European Union Free Trade Agreement (FTA) as a "game-changing and transformational" pact for both economies. In a significant announcement, he expressed optimism that the landmark agreement could be fully implemented by the conclusion of the year 2026, marking a new chapter in bilateral relations.
Strategic Roadmap: Legal Review and Formal Signing Process
Minister Goyal outlined the procedural steps ahead, noting that the comprehensive agreement will first undergo a meticulous legal review and translation process on the European Union side. This essential phase ensures all clauses are precisely articulated in official EU languages before the parties proceed to a formal signing ceremony. He assured stakeholders that the draft texts of the agreement are scheduled to be published in the public domain in the near future, enhancing transparency and allowing for detailed scrutiny.
A Dual Pillar Partnership: Trade and Security
Adding a strategic dimension to the economic partnership, Foreign Secretary Vikram Misri highlighted the concurrent launch of the first-ever India-EU security and defence partnership. This parallel initiative signifies a deepening of ties beyond mere commerce, fostering collaboration in critical areas of regional and global security. The dual announcement underscores a holistic approach to bilateral engagement, intertwining economic prosperity with strategic stability.
Unprecedented Market Access and Economic Benefits
Piyush Goyal emphasized that the FTA represents a definitive win-win scenario for industries and businesses across both India and Europe. The agreement promises to unlock vast, untapped opportunities for trade expansion and cross-border investment, catalyzing growth in multiple sectors. Notably, the pact provides extensive coverage, encompassing:
- Nearly 99% of Indian exports destined for the European Union market.
- Approximately 97% of European exports entering the Indian market.
This sweeping tariff elimination and trade facilitation is poised to significantly boost bilateral trade volumes, which currently stand at substantial levels.
Conclusion of Protracted Negotiations and Global Significance
The finalization of this agreement brings to a close two decades of complex and intermittent negotiations, resolving long-standing issues and aligning mutual interests. By strengthening cooperation between two of the world's largest economic blocs, the India-EU FTA fortifies a partnership that collectively accounts for roughly a quarter of global trade. This monumental achievement is expected to set a new benchmark for international trade agreements and reinforce the rules-based multilateral trading system.
