India-EU Free Trade Agreement Gains Support from All 27 EU Member States, Says Piyush Goyal

Mumbai, September 4 (Daily Kiran) : Central Commerce and Industry Minister Piyush Goyal announced on September 4 that the proposed Free Trade Agreement (FTA) between India and the European Union (EU) has garnered support from all 27 EU member states. He emphasized that these nations are eager to expedite the implementation process.

Speaking at a high-level dialogue between India and Belgium in Mumbai, Goyal noted that achieving unanimous agreement among EU member states is quite rare. He also mentioned that the FTA has received widespread backing within India.

“I assure you that negotiations on this FTA have been conducted in a highly balanced manner. We have taken great care to protect the sensitive sectors of both parties. This is why there has been no dissent regarding the India-EU FTA,” Goyal stated.

He highlighted that the agreement is expected to significantly benefit India’s labor-intensive sectors, including fisheries, textiles, and footwear. Additionally, it is anticipated to boost exports of chemicals and pharmaceuticals.

Meanwhile, Belgium’s Prime Minister Bart De Wever arrived in Mumbai from New Delhi on Friday. He was welcomed at the airport by Maharashtra’s Minister of Protocol and Marketing, Jaykumar Rawal.

During his visit, Prime Minister De Wever is set to meet with representatives from the diamond trade, ports, and logistics sectors, aiming to strengthen economic ties between India and Belgium.

De Wever remarked that the India-EU FTA is particularly timely, given the current climate of global trade protectionism and uncertainty. He referred to the agreement as a “strategic expression of openness,” symbolizing trust and respect between the two parties, and enhancing resilience against global disruptions and pressures.

“The world is facing tough times, but India and Europe have chosen the path of partnership, while many countries are opting for market closures and increased tariffs,” he said.

In discussions between Prime Minister Narendra Modi and Prime Minister De Wever, both nations set an ambitious target to double bilateral trade from $13 billion to $26 billion over the next five years.

They also established an investment fast-track mechanism to promote Belgian investments and institutionalized a regular India-Belgium business forum. Furthermore, cooperation between Belgium’s sovereign wealth fund and India’s National Investment and Infrastructure Fund (NIIF) was also discussed, along with potential partnerships in the fintech sector.