Indian Commerce Minister Calls for Full Utilization of Free Trade Agreement Potential with the European Union

New Delhi, Sept 4 (KUNA) -- Indian Commerce and Industry Minister Piyush Goyal on Friday called for fully exploiting the potential offered by the free trade agreement between India and the European Union. The Indian Ministry of Commerce and Industry stated that Goyal, speaking at a high-level dialogue between India and Belgium on the agreement in Mumbai, India’s financial capital, said the pact opens up immense opportunities for farmers, fishermen, micro, small and medium enterprises (MSMEs), small industries, innovators, startups, women entrepreneurs, manufacturers, and service providers in both India and Europe.

At the event, attended by Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis, Goyal noted that the agreement underwent meticulous and skillful negotiations, with safeguards ensuring the protection of sensitive sectors on both sides. He added that the agreement, which took 25 years to prepare, brings together two billion people, represents a quarter of global GDP, one-third of global trade, and constitutes a market valued at $24 trillion.

Goyal affirmed that all 27 EU member states support the agreement and are keen to complete formal procedures and bring it into force as soon as possible.

For his part, visiting Belgian Prime Minister Bart De Wever said the agreement would boost trade, open doors for businesses, young talent, and investments, and make both economies more resilient to disruptions. De Wever highlighted the port of Antwerp-Bruges as a key logistical link between India and Europe, noting that the pact would create opportunities in sectors including diamonds, food processing, pharmaceuticals, maritime services, green hydrogen, and infrastructure. He pointed out that tariffs on more than 95 percent of Indian and European goods exports would be eliminated or reduced.

De Wever had met Indian Prime Minister Narendra Modi in New Delhi on Thursday and signed several agreements in the fields of defense, trade, and investment following extensive talks. (End) a.t.k./r.j