India-EU FTA Expected by Year-End, Goyal Tells Germany

New Delhi, October 23: Union Minister Piyush Goyal has said the India-European Union Free Trade Agreement is expected to be signed by the end of 2026, with implementation possible within the following four to five months. He made the announcement during his visit to Germany.

Goyal used the occasion to also warn Europe against measures such as the Carbon Border Adjustment Mechanism (CBAM) and steel import duties of up to 50 per cent. He said such policies could ultimately damage the European economy, its industries and its consumers.

At the Berlin Global Dialogue 2026, Goyal told a question-and-answer session that these moves would increase living costs and leave European industries lagging in global competition. He stressed that trust remains the most valuable asset in global commerce.

He said India and the European Union have a major opportunity to create a strong economic partnership based on trust, competitiveness and complementary strengths.

In a separate address in Berlin, Goyal said bilateral trade between India and Germany could climb from roughly 31 billion euros to 310 billion euros if both countries make fuller use of their strengths and jointly develop new technologies and products. No timeline was provided for reaching this target.

Goyal's official visit to Germany and the Netherlands runs from October 22 to 27. About 100 Indian industries and startups are part of his delegation.

German Minister for Economic Affairs and Energy Katherina Reiche called for cutting red tape and boosting joint ventures, adding that trade between the two countries could be doubled from its current level.

At the inauguration of the India Centre of the India-Germany Business Roundtable and the German Council on Foreign Relations (DGAP), Goyal reiterated that the India-EU FTA was on track for signing this year.

Earlier in the day, Goyal held a bilateral meeting with Reiche to discuss cooperation in artificial intelligence, semiconductors, energy and advanced manufacturing.

Goyal later shared on social media that the leaders had examined partnership prospects in AI, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage and robust supply chains. Increasing investment in India's industrial and digital ecosystems was also on the agenda.

He described the FTA as a 'game changer' that would give Indian and German businesses the chance to achieve their full potential.