Piyush Goyal Confident India-EU Trade Pact Will Be 'Fair, Equitable, Balanced'

Union Commerce and Industry Minister Piyush Goyal on Wednesday described 2026 as a landmark year in India-European Union relations, praising the recently concluded India-EU Free Trade Agreement (FTA) as a fair, balanced and mutually beneficial pact. Speaking after the third India-EU Trade and Technology Council (TTC) Ministerial Meeting in Brussels, Goyal said the agreement marked a significant milestone in strengthening economic ties between the two partners.

Goyal referred to the deal as the "mother of all trade deals," echoing European Commission President Ursula von der Leyen's description of the agreement. He said the FTA was designed to benefit businesses and citizens on both sides. "This free trade agreement is fair, equitable, and balanced, truly a win-win agreement for EU businesses, Indian businesses and the people of India," he said, adding that Prime Minister Narendra Modi had described the pact as "a partnership for global good."

The minister said the discussions during the ministerial meeting reinforced the shared vision of India and the EU for an innovation-driven, trusted and future-ready partnership. He noted that the Trade and Technology Council had emerged as a key pillar of bilateral engagement, with both sides focusing on expanding cooperation in technology, trade, investment and industrial collaboration.

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Highlighting specific outcomes of the meeting, Goyal said India and the EU had concluded a work programme on foreign direct investment (FDI) screening and exchanged best practices aimed at accelerating investment flows. He added that both partners were working to improve market access, harmonise standards, strengthen supply chains, promote deep-tech startups, enhance advanced manufacturing capabilities and expand connectivity through stronger industrial partnerships and global capability centres.

Referring to the broader global economic environment, Goyal said the multilateral trading system was facing significant turbulence, making it important for India and the EU to support a rules-based, open and inclusive World Trade Organization (WTO). He also stressed the need to reduce dependence on single-source supply chains by building reliable and diversified networks for critical sectors. Expressing optimism about the future of bilateral ties, Goyal said the FTA would provide a strong framework for expanding trade and investment and that both sides were looking forward to formally signing the India-EU Free Trade Agreement later this year.

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