India-EU Free Trade Agreement hailed as 'win-win' deal

India and the European Union have finalized a Free Trade Agreement (FTA), a deal Union Minister of Commerce and Industry Piyush Goyal hailed as "historical" and a "win-win" for both sides. The agreement was concluded following the third India-EU Trade and Technology Council (TTC) Ministerial Meeting in Brussels.

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This is a historical year in the ties between the EU and India. We concluded the mother of all trade deals, as Her Excellency Von der Leyen called the EU-India free trade agreement.

Goyal described the FTA as "fair, equitable, and balanced," echoing Prime Minister Narendra Modi's characterization of it as a "partnership for global good." He noted that the TTC has become a key pillar in the India-EU relationship, reaffirming a shared vision for an innovation-driven growth partnership. Discussions also focused on expediting investment flows through a concluded work program on foreign direct investment screening.

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This free trade agreement is fair, equitable, and balanced, truly a win-win agreement for EU businesses in the EU, India businesses and the people of India.

Amidst global economic instability and "great turbulence" in the multilateral trading system, Goyal emphasized the shared commitment to a rules-based World Trade Organization. Both India and the EU aim to reduce dependence on single sources for critical areas, build diversified supply chains, and ensure outcome-oriented work in market access, standards harmonization, and collaboration in deep tech startups and advanced manufacturing.

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Today's discussions reaffirmed our shared vision for an innovation-driven, trusted and future-ready growth partnership. The TTC today has become an important pillar of our engagement.

The agreement is expected to create a framework for greater trade and business, with the signing of the EU-India FTA anticipated later this year. Goyal also highlighted India's economic standing, quoting Prime Minister Modi who described India as a "rising power" and a "reliable power," with a fast-growing yet credible economy.

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The multilateral trading system is undergoing great turbulence around the world, and therefore our shared commitment to a rules-based, open, inclusive and non-discriminatory World Trade Organisation will help us steer progress at the WTO in the future.