Commerce and Industry Minister Piyush Goyal on Wednesday said that India and the European Union have concluded negotiations for their long-awaited Free Trade Agreement (FTA), describing 2026 as a “historic year” in bilateral ties and calling the pact a major milestone for trade, investment and technology cooperation. Speaking after the third India-EU Trade and Technology Council (TTC) meeting in Brussels, Goyal said the agreement, described by European Commission President Ursula von der Leyen as the “mother of all trade deals”, is fair, balanced and mutually beneficial for businesses and consumers on both sides.

“This free trade agreement is fair, equitable and balanced, truly a win-win agreement for EU businesses, Indian businesses and the people of India,” Goyal said. The Union minister further added that Prime Minister Narendra Modi has termed the partnership one “for global good.”

The minister said the India-EU TTC has emerged as a key pillar of bilateral engagement, with both sides agreeing on a work programme for foreign direct investment (FDI) screening, sharing best practices to facilitate investment flows and deepen economic cooperation.

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Focus on resilient supply chains and technology

Goyal said India and the EU have reaffirmed their commitment to strengthening resilient and diversified supply chains amid growing global economic uncertainty. He noted that both partners are working towards harmonising standards, improving market access, operationalising critical supply chain initiatives, and expanding cooperation in deep-tech startups, innovation ecosystems, advanced manufacturing, industrial partnerships and global capability centres.

“The multilateral trading system is undergoing great turbulence around the world. Our shared commitment to a rules-based, open, inclusive and non-discriminatory World Trade Organisation will help steer progress at the WTO,” he said.

According to Goyal, the FTA will create a stronger framework for trade and business while accelerating investments and technology collaboration. He expressed confidence that the agreement would be formally signed later this year.

Quoting PM Modi, Goyal said, “India is not only a fast-growing economy but also a reliable and credible partner.”

India-UK trade deal begins with strong momentum

This developments comes as India’s trade agreement with the United Kingdom has already begun generating export gains. Earlier today, Commerce Secretary Rajesh Agarwal said India exported goods worth more than $140 million to the UK on the very first day of implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA).

Speaking at an event in New Delhi attended by industry representatives and British High Commissioner Lindy Cameron, Agarwal said the focus now would be to measure the agreement’s impact on trade, businesses and employment over the coming year.

With this, India and the UK are aiming to increase bilateral trade to $100 billion by 2030 under the agreement signed in July 2025. According to Commerce Ministry data, bilateral goods trade stood at $25.12 billion in FY26, with India maintaining a trade surplus of $1.76 billion.

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Duty-free access for Indian exports

Under the India-UK agreement, Indian exporters receive duty-free access for 99.5% of the value of India’s exports to the UK, covering 98.8% of tariff lines, significantly benefiting labour-intensive and manufacturing sectors.

In turn, India has granted preferential market access covering 89.4% of UK exports, with tariff reductions being implemented in phases for sensitive product categories.

PM Modi welcomed the operationalisation of the agreement, saying the Comprehensive Economic and Trade Agreement and the accompanying Social Security Agreement would further deepen economic ties between the two countries.

“Together, these agreements translate our shared ambition into tangible opportunities for our people,” PM Modi said in a post on X.