Business News | India-EU FTA May Become Operational in Next 4-5 Months, Signing Expected Before Year-end: Goyal
Get latest articles and stories on Business at LatestLY. Union Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that the India-European Union Free Trade Agreement (FTA) would move rapidly towards signing and could become operational within the next four to five months, urging Indian and German businesses to begin preparations to maximise its benefits.
Berlin [Germany], October 22 (ANI): Union Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that the India-European Union Free Trade Agreement (FTA) would move rapidly towards signing and could become operational within the next four to five months, urging Indian and German businesses to begin preparations to maximise its benefits.
Addressing an India-Germany business roundtable here, Goyal said companies should start identifying potential customers and collaborators, exchanging product samples and quality requirements, and discussing pricing rather than wait for the agreement to come into force.
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“This is the time we need to see businesses start probably doing sampling, exchanging notes of quality required, exchanging pricing, get everything in order so that when the trade agreement comes into effect, we be the first off the block, get the maximum advantage of this agreement,” he said.
The minister said the agreement, finalised earlier this year, would move towards signing quickly, expressing confidence that it could be signed before the end of the calendar year, subject to the requisite procedures.
“You rightly mentioned Ms. von der Leyen’s comment about India and EU FTA being the mother of all deals. It took twenty years, but I can assure you the agreement really got finalised in the last thirteen months,” Goyal said.
He said the conclusion of negotiations had been announced on January 27 and credited the commitment of India and the 27-nation European Union to completing the negotiations.
Goyal said the agreement’s implementation would open up opportunities for businesses, but stressed that companies needed to establish commercial partnerships and prepare their operations in advance to take full advantage of the new framework.
The minister also invited German businesses to explore opportunities in India, highlighting the potential for closer cooperation in manufacturing, investment, technology and skill development.
He said Germany’s technical expertise and industrial capabilities complemented India’s infrastructure expansion, digital strengths and skilled workforce, creating opportunities for both countries to enhance their competitiveness.
Goyal also called for stronger cooperation to improve supply-chain resilience amid global uncertainty, saying India and Germany could work together without compromising economic openness.
He identified economic security, the green transition and emerging technologies as key areas requiring closer collaboration, stressing that trust would remain central to commercial engagement.
The minister said the India-Germany partnership had received fresh impetus under Prime Minister Narendra Modi and German Chancellor Friedrich Merz, including through cooperation in artificial intelligence and semiconductors.
Goyal also acknowledged the role of European Union Trade Commissioner Valdis Dombrovskis and other EU trade ministers in advancing the negotiations.
He said businesses should now focus on translating the agreement into tangible economic outcomes by connecting trade with investment, manufacturing with research, and industries with academic institutions.
The minister was speaking at an India-Germany business roundtable and inaugurated the India Center at the German Council on Foreign Relations in Berlin, aimed at deepening bilateral engagement and strengthening cooperation between stakeholders in the two countries. (ANI)
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