India-EU Free Trade Agreement: New avenues for growth to open for trade and investment

Union Minister of Commerce and Industry Piyush Goyal, while discussing the India-EU Free Trade Agreement (FTA) in Mumbai, stated that this agreement will open new doors of growth for farmers, Micro, Small and Medium Enterprises (MSMEs), innovators, and women entrepreneurs. Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis also participated in this high-level dialogue. Mr. Goyal noted that this agreement will bring together a vast market of 2 billion people, accounting for one-fourth of the global GDP. He mentioned that trade between India and the European Union has doubled to reach 140 billion dollars in the last decade. Belgian Prime Minister Bart De Wever described the Antwerp-Bruges port as a key logistical link between India and Europe. He stated that this agreement would boost trade in sectors such as diamonds, pharmaceuticals, green hydrogen, and infrastructure. Mr. Goyal suggested that India and Belgium could further deepen mutual cooperation in sectors like gems, jewelry, semiconductors, and defense manufacturing. He stated that India aims to take its economy to 30 trillion dollars by 2047. The minister also mentioned that India has opened its nuclear energy program to the private sector and private participation is also increasing in space technology. Finally, Mr. Goyal invited Belgian companies to invest in India, stating that both countries together can achieve sustainable and valuable results on a global scale.