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'Immense potential and possibilities await': Goyal expresses optimism on India-EU FTA
🇴🇲 Oman /Economy & Trade

'Immense potential and possibilities await': Goyal expresses optimism on India-EU FTA

From Times of Oman · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • India and the European Union are on the verge of launching a Free Trade Agreement (FTA) expected to significantly boost economic cooperation.
  • The agreement, nearing completion of its legal review, is anticipated to become operational a few months after the India-UK FTA, potentially in the first quarter of 2026.
  • Union Minister Piyush Goyal highlighted the FTA's political significance, noting its unanimous approval by all 27 EU member states and expressing optimism about vast opportunities in trade, investment, and cultural exchange.

India and the European Union are poised to enter a new era of economic partnership with the finalization of their Free Trade Agreement (FTA), according to Union Commerce and Industry Minister Piyush Goyal. Speaking at the India-Spain Business Forum in Madrid, Goyal described the bilateral partnership as a "success story waiting to be written."

As the Prime Minister of India, Narendra Modi, said, the partnership between Bharat and Spain is like a prism, which is multi-dimensional, vibrant and ever-evolving.

— Piyush GoyalDescribing the bilateral partnership between India and Spain during the India-Spain Business Forum.

The India-EU FTA, which has undergone legal scrubbing and is in its final stages, is expected to come into force a few months after the India-UK FTA becomes operational. Goyal anticipates this could be within the first quarter of 2026, noting the agreement's swift approval process within the EU.

Highlighting the political consensus surrounding the deal, Goyal pointed out that the India-EU FTA is unique in receiving unanimous backing from all 27 EU member states without opposition. He also noted the absence of dissent within India, suggesting a remarkably smooth and rapid ratification process from initial agreement to implementation.

At the political level, this is probably the only free trade agreement that Europe has finalised without any criticism from any of the 27 member states.

— Piyush GoyalHighlighting the political consensus and smooth approval process of the India-EU FTA.

Goyal emphasized the immense potential of the FTA, which will unite two of the world's largest economic blocs, representing approximately 30% of global trade and the global economy. He expressed optimism about the vast opportunities this collaboration will unlock across various sectors, including trade, business, investment, culture, education, tourism, technology, space, and defense. Spain, in particular, holds a special place in India's European engagement, and the minister noted the strong business delegation present, underscoring the deepening commercial ties.

Immense potential and immense possibilities await the European Union and India.

— Piyush GoyalExpressing optimism about the opportunities created by the India-EU FTA.
DistantNews Editorial

Originally published by Times of Oman. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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