The India-EU FTA is set to create major opportunities for farmers, fishermen, MSMEs, startups, innovators, manufacturers and service providers in India and Europe. Union Commerce and Industry Minister Piyush Goyal said the agreement will strengthen trade and investment while protecting sensitive sectors on both sides.
Goyal made the remarks at the India-Belgium High-Level Dialogue on the India-EU FTA in Mumbai. Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis were also present.
India-EU FTA Connects a USD 24 Trillion Market
Goyal said the India-EU FTA brings together a market of around 2 billion people. The combined market represents about a quarter of global GDP and a third of global trade, with an estimated value of USD 24 trillion.
The minister said negotiations took 25 years before concluding under the leadership of Prime Minister Narendra Modi. He added that all 27 EU member states support the agreement and want to complete the formalities at the earliest.
India and the European Union have also seen strong trade growth. Bilateral trade has doubled over the past decade and is now close to USD 140 billion.
Belgium Sees FTA Boosting Trade and Investment
Belgian Prime Minister Bart De Wever said the India-EU FTA would strengthen trade and investment between the two markets. He said the agreement would create opportunities for companies and young talent while improving economic resilience.
De Wever highlighted the Port of Antwerp-Bruges as an important logistical link between India and Europe. He said the FTA could support cooperation in diamonds, food processing, pharmaceuticals, maritime services, green hydrogen and infrastructure.
According to De Wever, tariffs on more than 95% of Indian and European goods exports will be eliminated or reduced.
India and Belgium Identify Key Areas for Cooperation
Goyal said India and Belgium can deepen economic cooperation across several high-potential sectors.
In gems and jewellery, the two countries can explore co-creation, design and lab-grown diamonds. Greater cooperation in technology and certification could also support mutual recognition between major diamond centres in Antwerp, Mumbai and Surat.
The minister also highlighted opportunities in semiconductors. Belgium’s microelectronics research capabilities can complement India’s manufacturing scale, skills and talent. This could help develop a stronger design-to-fabrication ecosystem.
Green Hydrogen and Advanced Manufacturing Gain Focus
Goyal said India’s Green Hydrogen Mission can create new opportunities for cooperation with Belgium. Antwerp-Bruges’ green shipping and bunkering infrastructure could support the development of hydrogen-based solutions for European markets.
Defence and advanced manufacturing are other areas with significant potential. Goyal referred to the Memoranda of Understanding exchanged with John Cockerill and highlighted opportunities in counter-drone systems, electronic warfare, precision munitions and other advanced technologies.
He said stronger industrial alignment between India and Belgium could create new opportunities as both countries respond to changing security and economic conditions.
Agriculture and Food Processing Offer New Opportunities
The India-EU FTA can also support cooperation in agriculture and food processing.
Goyal highlighted opportunities in potato processing, cold chains and sustainable agri-value chains. He said technology-led cooperation between India and Belgium could help develop food-processing capabilities for global markets.
Antwerp-Bruges to Support India-Europe Trade
Goyal described the Port of Antwerp-Bruges as a key gateway for trade between India and Europe.
The port’s inland barge, rail and road networks, combined with deepwater and roll-on/roll-off facilities, can provide Indian exporters with access to major European industrial and consumer markets.
He said the port could play an important role in turning the India-EU FTA’s trade potential into greater movement of goods between the two regions.
India Expands Semiconductor, AI and Space Capabilities
Goyal also highlighted India’s growing technology ecosystem. He said the country is expanding its semiconductor programme, AI Mission and Critical Minerals Mission.
He noted that Semicon India 2.0 has been launched with an outlay of USD 14 billion. The broader semiconductor programme is expected to catalyse significant investment in the sector.
India is also expanding its private space sector. Goyal said the country’s space technology industry is expected to grow significantly over the coming years, driven by startups, innovators and private companies.
He also highlighted India’s research and development fund aimed at supporting innovation and technology development.
India and Belgium Look to Build Long-Term Economic Ties
Goyal invited Belgian companies and the European Union to invest and partner with India. He said Belgium can bring technology, innovation and capital, while India offers scale, talent and a large young workforce.
He also called for stronger workforce mobility, mutual recognition of qualifications, joint skills development and dual-degree programmes. These measures, he said, could help address talent shortages and create stronger links between the two economies.
The minister said India and Belgium have maintained a close relationship since India gained independence in 1947. He thanked Prime Minister Bart De Wever for his support in strengthening Belgium-India and EU-India economic ties.
Goyal concluded by comparing the India-Belgium partnership with the formation of a diamond. He said the two countries can combine their strengths to create an enduring partnership that benefits not only India and Belgium, but also Europe and the wider global economy.
Source: PIB
