New Delhi, September 4 (Daily Kiran) : Central Commerce and Industry Minister Piyush Goyal announced that the India-European Union (EU) Free Trade Agreement (FTA) presents significant opportunities for farmers, fishermen, micro, small, and medium enterprises (MSMEs), startups, women entrepreneurs, manufacturers, and service providers in both regions.
Speaking at a high-level dialogue between India and Belgium regarding the FTA in Mumbai, Goyal noted that negotiations were conducted efficiently while ensuring the protection of sensitive sectors for both parties. The event was attended by Belgium’s Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis.
Goyal emphasized that discussions on the India-EU FTA, which have been ongoing for nearly 25 years under Prime Minister Narendra Modi’s leadership, will unite 2 billion people and encompass a market worth $24 trillion, accounting for a quarter of global GDP and a third of world trade. All 27 EU member states support this agreement and are eager to finalize the necessary formalities for its implementation. Such unanimous cooperation in a trade agreement is rare in the European context, he added, noting that all segments of Indian society also wholeheartedly support the FTA.
Prime Minister Bart De Wever highlighted that the FTA would strengthen trade relations and open new avenues for companies, young talent, and investments. This collaboration will better equip both economies to face any disruptions or global challenges. He pointed out the Antwerp-Bruges port as a crucial logistical link between India and Europe, predicting that the FTA will create new opportunities in sectors like diamonds, food processing, pharmaceuticals, maritime services, green hydrogen, and infrastructure. Additionally, over 95% of tariffs on exports of Indian and European goods will either be eliminated or reduced.
Goyal also mentioned the vast potential for enhancing economic cooperation between India and Belgium, as both economies complement each other in five key sectors. They may collaborate on developing new products and designs in the gemstones and jewelry sector, including lab-grown diamonds. He stressed the need for greater cooperation in technology and certification, recognizing the importance of major diamond hubs like Antwerp, Mumbai, and Surat.
The minister highlighted the opportunity to build a robust ecosystem in the semiconductor sector by combining Belgium’s world-class microelectronics research capabilities with India’s large, skilled workforce. He noted that India’s green hydrogen mission could help meet Europe’s energy needs through fuel supply and green shipping infrastructure at the Antwerp-Bruges port. Goyal called for increased collaboration in this area.
He also referenced the exchange of memorandums of understanding with John Cockerill, emphasizing extensive cooperation possibilities in defense and advanced manufacturing, including anti-drone systems, electronic warfare systems, precision strike weapons, and opportunities for exporting missiles like BrahMos and Pinaka to Western nations. The industrial synergy between India and Belgium has never been stronger, he remarked, noting that John Cockerill manufactures ammunition for India’s Bofors guns. Given the current circumstances, with rising defense spending in Europe and India’s security needs, there is immense potential for collaboration.
Goyal underscored opportunities in agriculture and food processing, which include potato processing, cold storage, and other food processing sectors. He stated that through technology and sustainable agricultural value chains, Belgium and India can contribute to meeting global needs. Belgium serves as a gateway to the opportunities arising from the India-EU FTA. He pointed out that the Antwerp-Bruges port is Europe’s second-largest seaport, acting as a vital entry point for trade under the FTA to reach Europe or be sent from India.
The minister explained that Antwerp’s world-class inland waterways, rail, and road networks, combined with Bruges’ maritime connections and automobile facilities, provide Indian exporters with an unparalleled route to access Europe’s industrial and consumer markets. Over the past decade, trade between India and the EU has doubled to approximately $140 billion. Amid global challenges, including protectionism, disrupted supply chains, and geopolitical instability, India and Belgium faced a choice: to either be swept away in the chaos or establish themselves as centers of trust and reliability.
Citing Nobel laureate Ilya Prigogine’s concept of “order emerging from chaos,” Goyal expressed optimism about the collaboration between the leaders of Belgium and India, stating, “We choose the path of building, connecting, and working together.” He emphasized India’s growing economic and technological capabilities, asserting that the country is on a promising development trajectory.
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