Piyush Goyal: EU Free Trade Agreement Expected Within One to Two Months

India-EU FTA Expected Within 1-2 Months, Says Piyush Goyal, Enhancing Trade Relations Across Europe

Commerce and Industry Minister Piyush Goyal announced on Tuesday that India is on the verge of finalizing a free trade agreement (FTA) with the European Union (EU) within the next month or two. He emphasized that this agreement, along with other similar initiatives, would help shield India from the shifting geopolitical landscape globally. “I am not particularly worried about global events. I see them as opening up new avenues of opportunity for India,” he stated during the 18th Swissmem Industry Day event in Bern, Switzerland.

Continuing Negotiations and Strategic Initiatives

Since 2022, India and the EU have been actively engaged in discussions regarding the FTA. Recently, India finalized a free trade agreement with the UK and another with the four-member European Free Trade Association (EFTA) last year. Establishing this trade deal with the EU would grant India preferential access for its exports throughout Europe.

Furthermore, Goyal highlighted that robust negotiations are underway with the US for a bilateral trade agreement (BTA). While he spoke, a US delegation, led by the assistant US trade representative, was concluding a week-long negotiation period in New Delhi regarding the interim segment of the BTA. Goyal pointed to India’s trade deals with Australia and several West Asian nations, alongside ongoing talks with New Zealand, Peru, and Chile, stating, “Today, India is stepping into the limelight. Any challenges arising from global events will impact India less than they will affect other nations because we have ample growth prospects ahead of us.”

A Promising Outlook for Global Trade

He emphasized that India represents a significant opportunity for the global community in their future endeavors. “This geopolitical situation will, in my view, become a substantial chance for India to capitalize on,” Goyal remarked.

Support for Swiss Firms and Industrial Development

During his address, the minister also proposed the establishment of Swiss enclaves in India, which would offer industrial and social infrastructures for Swiss companies to base their operations. This initiative is part of the government’s broader strategy to develop the twelve upcoming industrial smart cities across India and the hundred industrial parks, each spanning up to 500 acres, that will be established along major industrial corridors.