India-EU FTA game changing and transformational; to be implemented by end of this year: Piyush Goyal
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Union Commerce and Industry Minister Piyush Goyal today said the India – EU FTA is “game changing and transformational” and the government is aiming to implement the pact by the end of this year. Foreign Secretary Vikram Misri said India and the EU have also launched their first-ever security and defence partnership.
“We are hopeful of implementing the India-EU trade pact within the calendar year 2026,” Goyal said.
Explaining the next steps, Goyal said, “Every agreement stands on its own legs, and this is a wonderful agreement. It'll be taken up for a legal scrubbing on a fast track basis...We do hope that we should be able to celebrate the entry into force of this agreement within calendar 2026 itself.”
Calling the deal beneficial for both sides, Goyal said, “India-EU FTA is a win-win for all sections of industry in India as well as Europe. It opens up a plethora of opportunities for investments on both sides.”
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Goyal described the agreement as a game-changing and transformational moment for ties between India and the EU. He noted that together, India and Europe account for about 25 percent of global trade.
FTA will provide a big boost to Indian economy
Under the trade pact, Indian products from labour-intensive sectors such as textiles, gems and jewellery, and chemicals will get duty-free access to the European market. This is expected to boost exports, create jobs, and support small and medium businesses. In return, India will further open its market to European technology, advanced machinery, and precision engineering products.
Their first-ever security and defence Partnership between India and the EU will strengthen cooperation in areas such as maritime security, cyberspace, and counter-terrorism.
India and the EU also signed a Memorandum of Understanding on mobility. The agreement aims to make it easier for professionals and students to move between India and Europe for work, study, and training.
The announcements were made during the 16th India-EU Summit, which both sides described as a milestone in bilateral ties. Leaders also agreed on a “Towards 2030” roadmap, focusing on shared growth, innovation, and strong global supply chains.