India’s commerce powerhouse, Piyush Goyal, dropped a game-changing update today: the long-awaited free trade pact with the European Union is hurtling toward completion. At an industry event in the capital, Goyal disclosed that negotiators are tackling the remaining sticking points, with a deal potentially just weeks away.
This breakthrough follows marathon sessions that addressed thorny issues like goods tariffs, services liberalization, and intellectual property rights. The EU, India’s third-largest trading partner, represents a massive opportunity to diversify beyond traditional markets.
Not resting on laurels, Goyal confirmed that trade parleys with America are progressing steadily. ‘We’re building on the momentum from recent Mini Trade Deal talks,’ he noted, pointing to priorities like defense manufacturing, semiconductors, and clean energy cooperation.
Breaking it down, the EU agreement could boost two-way commerce from $120 billion to nearly $200 billion annually. For the US front, India eyes slashing duties on textiles, gems, and leather goods while securing better terms for skilled labor mobility.
Goyal’s optimism stems from India’s strengthened negotiating position, bolstered by robust post-COVID recovery and supply chain shifts favoring ‘China-plus-one’ strategies. He reiterated commitments to labor reforms and environmental compliance to meet EU’s stringent norms.
Industry leaders are buzzing with excitement. ‘This dual-track approach will supercharge exports and FDI inflows,’ said a FICCI spokesperson. As deadlines loom for WTO ministerial meetings, Goyal’s team is working overtime to deliver wins for India’s $3.5 trillion economy.
Looking ahead, the minister hinted at exploring similar pacts with the UK and Australia, underscoring a multi-pronged trade offensive. For businesses eyeing Europe and America, the message is clear: prepare for exponential growth.
