India-EU trade deal could become operational in early-2027, Piyush Goyal says
Benchmarks Nifty22,687.65-123.7FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return8.76 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.76 % Invest NowEnter search…
India's trade minister Piyush Goyal announced that the EU FTA is expected to be signed soon. After signing, the FTA could be operational within four to five months. The deal aims to boost market access and bilateral trade between India and the EU significantly. Goyal emphasized the importance of collaboration in various sectors to maximize mutual benefits.
Listen to this article in summarized format
Loading...×India's proposed free-trade agreement with the European Union could become operational within four to five months after it is signed, trade minister Piyush Goyal said on Thursday.The agreement is expected to be signed before the end of the year, he said during a visit to Germany, potentially accelerating market-access opportunities and investment flows between India and the 27-member EU bloc.
Goyal also proposed an ambitious bilateral trade target of €310 billion between India and Germany, urging businesses in both countries to identify opportunities and prepare to maximise gains from the India-EU trade agreement.
India and Germany currently have bilateral trade worth €31 billion. Drawing on India's contribution to the concept of zero, Goyal suggested adding a zero to the existing figure to raise the target to €310 billion.
“That's for the businesses to decide. That's for the businesses to come up with a plan,” he said, calling on companies to align their efforts, identify sectors with complementary strengths and develop concrete strategies to achieve the target.
Live Events
Goyal urged businesses to begin preparing for the FTA by exchanging product samples, discussing quality standards and pricing, and putting the necessary arrangements in place before the agreement takes effect.
He called on both countries to identify areas where German businesses could benefit from working with India, where Indian companies could offer a competitive advantage, and where Indian industry could learn from German expertise, particularly in apprenticeships and skill development.
The minister said the two countries could turn global uncertainty into an opportunity for greater collaboration. He highlighted Germany's strengths in precision engineering, technical skills and quality, alongside India's infrastructure, digital capabilities and skilled workforce, as complementary assets that could support their future partnership.
On the India-EU FTA, Goyal said negotiations that had continued for two decades had been concluded in the last 13 months.
The two sides announced the conclusion of negotiations on January 27. Under the agreement, 93% of Indian shipments are expected to receive duty-free access to the 27-nation bloc, while imports of luxury cars and wines from the EU are set to become less expensive.
Goyal said the agreement was moving towards formal signing after receiving unanimous support from the 27 EU member states through the relevant process. He expressed confidence that it could become operational within four to five months.
Goyal is leading a 100-member business delegation to Germany and urged companies from both countries to build partnerships and connect with potential customers, collaborators and investors.
To strengthen trade and investment ties, he called for greater economic security, cooperation in the green transition and collaboration in emerging technologies. He also stressed the importance of trust in the current global trade environment, describing it as the hardest currency.
The minister also inaugurated the India Centre in Germany to support businesses.
German Federal Minister for Economic Affairs and Energy Katherina Reiche said India and Germany had significant potential to expand trade and investment. She suggested doubling bilateral trade and reducing red tape, adding that Indian industry was welcome in Germany.
The two ministers also held bilateral talks on cooperation in artificial intelligence, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage and resilient supply chains. Discussions also covered greater investment in India's industrial and digital ecosystems.
(With inputs from agencies)
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onIndia EU FTAPiyush GoyalIndia European Union trade dealfree trade agreementIndia EU trade relationsEU trade dealforeign investmentIndia Germany trade talks
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onIndia EU FTAPiyush GoyalIndia European Union trade dealfree trade agreementIndia EU trade relationsEU trade dealforeign investmentIndia Germany trade talks Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition
The global business of promising more
One company, 2 words. Bond yield and CDS: Will they decide the fate of global markets?
Business of Odd Things: Inside an industry that farms fish that nobody is meant to eat
War's second-order effects are becoming visible in critical sectors
US mid-term elections – Part 2: What does it mean for Trump to lose control of Congress?
Homebuyers wait as NCLT panel picks holes in unfinished Jaypee projects
- 1
- 2
- 3
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET
Unlock Access to All Exclusives with ETPrime FREE TRIAL
15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers
Trial offer expiring in00 : 05 : 00
I'd rather pay ₹2599 nowUh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
Prime Account Detected!
It seems like you're already an ETPrime member with
Login using your ET Prime credentials to enjoy all member benefits
Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.
Unlock ETPrime's Exclusive Stories Today!
Big Price Drop! Flat 40% Off
Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In nowOffer Exclusively For You
Save up to Rs. 700/-
ON ET PRIME MEMBERSHIP
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get Flat 40% Off
Then ₹ 1749 for 1 year
Avail OfferOffer Exclusively For You
ET Prime at ₹ 49 for 1 month
Then ₹ 1749 for 1 year
Avail OfferSpecial Offer
Get flat 40% off on ETPrime
Avail OfferAvail OfferClaim NowAlready a Member? Sign In nowNeed Assistance?
Connect with an ETPrime expert for personalized support and guidance
+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '' + h3 + '
' + h4 + '
- ' + listing + '
What’s Included with
ETPrime Membership
1Exclusive Insights That Matter
Uncover the truth with our investigative stories
Make strategic moves using the real-world case studies
Read industry-specific stories to identify emerging trends
Spot opportunities with in-depth insights that matter
Trump temper on H-1B visas is forcing Indians to do these things to stay put in US
What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.
Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?
The problem with lab grown diamonds
Why a falling rupee is a better option for the economy
A list of top 20 momentum stocks that have delivered massive returns in one year
2Invest Wisely With Smart Market Tools & Investment Ideas
Alpha Trade
Get daily trade ideas from SEBI-registered research analysts.
Investment Ideas
Grow your wealth with stock ideas & sectoral trends.
Stock Reports Plus
All-in-one stock research with Stock Score, peer comparison & key signals.
BigBull Portfolio
Get to know where the market bulls are investing to identify the right stocks.
Stock Analyzer
Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.
Market Mood
Analyze the market sentiments & identify the trend reversal for strategic decisions.
Stock Talk Live at 9 AM Daily
Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.
3Stay informed anytime, anywhere with ET ePaper
ePaper - Print View
Read the PDF version of ET newspaper. Download & access it offline anytime.
ePaper - Digital View
Read your daily newspaper in Digital View & get it delivered to your inbox everyday.
Wealth Edition
Manage your money efficiently with this weekly money management guide.
TOI ePaper
Read the PDF version of TOI newspaper. Download & access it offline anytime.
Deep Explainers
Explore the In-depth explanation of complex topics for everyday life decisions.
Health+ Stories
Get fitter with daily health insights committed to your well-being.
Personal Finance+ Stories
Manage your wealth better with in-depth insights & updates on finance.
5Enjoy Complimentary Subscriptions From Top Brands
Stream new documentaries from all across the world every day.
Stories you might be interested in
Figures reflect the source report and its stated period. This article is for information and is not investment advice.
