India-EU FTA Opens Huge Opportunities for Farmers, MSMEs and Startups: Goyal

Union Commerce and Industry Minister Piyush Goyal has said the India-European Union (EU) Free Trade Agreement (FTA) will unlock significant opportunities for farmers, fishermen, MSMEs, startups, manufacturers, innovators and service providers across India and Europe.

Addressing the India-Belgium High-Level Dialogue on the India-EU FTA in Mumbai in the presence of Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis, Goyal said the agreement had been negotiated while protecting sensitive sectors on both sides.

Goyal said the pact, which took 25 years to conclude, brings together a market of around 2 billion people, accounting for nearly a quarter of global GDP and a third of world trade. He said all 27 EU member states were supportive of completing the formalities and bringing the agreement into force at the earliest.

Belgian Prime Minister Bart De Wever said the FTA would strengthen trade, investment and economic resilience while creating new opportunities for companies and young talent. He highlighted the Port of Antwerp-Bruges as a key logistical link between India and Europe and said tariffs on more than 95% of goods traded between the two sides would be scrapped or reduced.

Goyal identified gems and jewellery, semiconductors, green hydrogen, defence, advanced manufacturing, agriculture and food processing as major areas for deeper India-Belgium cooperation. He also called for stronger workforce mobility, mutual recognition of qualifications, joint skills development and dual-degree programmes. He said India-EU trade had doubled over the past decade to nearly $140 billion, while Antwerp-Bruges could serve as a gateway for Indian exports into European markets.

Goyal also highlighted India’s growing capabilities in semiconductors, artificial intelligence, space technology and nuclear energy, inviting Belgian companies to leverage India’s scale, talent and expanding industrial ecosystem.

He said stronger India-Belgium cooperation could help build resilient supply chains amid global protectionism and geopolitical uncertainty, creating opportunities not only for both economies but for global markets.