Piyush Goyal Highlights Support Of All 27 EU Nations For India FTA
All 27 EU nations back an FTA with India.
Commerce Minister Piyush Goyal announced that all 27 European Union member states support the India-EU Free Trade Agreement (FTA) and want to complete the formalities to bring the pact into force at the earliest. He made the remarks during the India-Belgium high-level dialogue in Mumbai on Friday, highlighting the broad support for the agreement on both sides.
Goyal noted that such unanimous backing was rare in the European context and maintained that the agreement had been negotiated while protecting sensitive sectors in both India and the EU. He also highlighted support for the pact across sections in India, with the agreement expected to strengthen trade and economic ties between the two markets.
The FTA is expected to provide significant opportunities for India's labour-intensive sectors, including fisheries, textiles and footwear. Exports of chemicals and pharmaceutical products are also expected to benefit once the agreement comes into effect, potentially creating greater access for Indian businesses in the European market.
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Belgian Prime Minister Bart De Wever, who arrived in Mumbai from New Delhi on Friday, also highlighted the importance of the India-EU trade agreement. During his engagements in Mumbai, he is meeting stakeholders from the diamond, ports and logistics sectors as India and Belgium seek to deepen economic cooperation.
De Wever noted that the India-EU FTA comes at a time of increasing protectionism and uncertainty in global trade. He described the agreement as an expression of strategic openness and highlighted the partnership between India and Europe as an effort to strengthen economic resilience amid changing global trade conditions.
During his talks with Prime Minister Narendra Modi, India and Belgium also set a target of doubling bilateral trade over the next five years. Bilateral trade currently stands at around $13 billion. The two countries also established an Investment Fast-Track Mechanism to facilitate Belgian investments in India and institutionalised the India-Belgium Business Forum. Discussions further covered cooperation between Belgium's sovereign wealth fund and India's National Investment and Infrastructure Fund, along with fintech cooperation.
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