India-EU trade deal could become operational in early-2027, Piyush Goyal says

Drawing on India's contribution to the concept of zero, Goyal suggested adding a zero to the existing figure to raise the target to €310 billion.“That's for the businesses to decide. That's for the businesses to come up with a plan,” he said, calling on companies to align their efforts, identify sectors with complementary strengths and develop concrete strategies to achieve the target.Live EventsGoyal urged businesses to begin preparing for the FTA by exchanging product samples, discussing quality standards and pricing, and putting the necessary arrangements in place before the agreement takes effect.He called on both countries to identify areas where German businesses could benefit from working with India, where Indian companies could offer a competitive advantage, and where Indian industry could learn from German expertise, particularly in apprenticeships and skill development.The minister said the two countries could turn global uncertainty into an opportunity for greater collaboration.

He highlighted Germany's strengths in precision engineering, technical skills and quality, alongside India's infrastructure, digital capabilities and skilled workforce, as complementary assets that could support their future partnership.On the India-EU FTA, Goyal said negotiations that had continued for two decades had been concluded in the last 13 months.The two sides announced the conclusion of negotiations on January 27.

Under the agreement, 93% of Indian shipments are expected to receive duty-free access to the 27-nation bloc, while imports of luxury cars and wines from the EU are set to become less expensive.Goyal said the agreement was moving towards formal signing after receiving unanimous support from the 27 EU member states through the relevant process. He expressed confidence that it could become operational within four to five months.Goyal is leading a 100-member business delegation to Germany and urged companies from both countries to build partnerships and connect with potential customers, collaborators and investors.To strengthen trade and investment ties, he called for greater economic security, cooperation in the green transition and collaboration in emerging technologies.

He also stressed the importance of trust in the current global trade environment, describing it as the hardest currency.The minister also inaugurated the India Centre in Germany to support businesses.German Federal Minister for Economic Affairs and Energy Katherina Reiche said India and Germany had significant potential to expand trade and investment. She suggested doubling bilateral trade and reducing red tape, adding that Indian industry was welcome in Germany.The two ministers also held bilateral talks on cooperation in artificial intelligence, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage and resilient supply chains.

Discussions also covered greater investment in India's industrial and digital ecosystems.(With inputs from agencies)(You can now subscribe to our Economic Times WhatsApp channel)