India-EU FTA legal review almost over, huge potential for trade: Goyal
The Commerce Minister reaffirmed that India's economy continued to grow at the highest rate in the world in spite of global geopolitical difficulties
Commerce Minister Piyush Goyal on Tuesday said the legal assessment of the India-EU Free Trade Agreement (FTA) is almost over and highlighted the enormous potential for trade, investment, technology, defense, tourism and innovation between India and the EU.
Speaking at the India-Spain Business Forum, Goyal expressed optimism in the development of the India-EU FTA, while highlighting the expanding strategic cooperation between Spain and India.
"India EU free trade agreement legal scrub should be over in another week or two," he said.
Goyal reaffirmed that India's economy continued to grow at the highest rate in the world in spite of global geopolitical difficulties.
"All the members are completely aligned in this partnership with India," Goyal said, adding that no member state had criticised the trade pact between India and the EU. He added, "There is also discontent or dissent back in India."
Together, Europe and India account for almost 30 per cent of the world's trade and GDP.
The minister stated that there is enormous potential to increase the current bilateral trade between Spain and India, which is less than USD 10 billion. In 2025–2026, it was USD 9.2 billion.
"Let us sit and create a roadmap for the future," he added, citing tourism and education as areas where both sides can expand their cooperation.
"Is it possible for Spain and India to increase their bilateral trade tenfold during the next ten years? Can we anticipate a tenfold increase in tourists on both sides over the next ten years? He questioned, "Can we envision increasing investments tenfold in the next ten years?"
He recommended creating a workable plan to accomplish these goals.
Germany, France, Italy, Spain, Belgium and Finland are among the 27 nations that make up the European Union. There are roughly 100 Indian companies in Spain and 300 Spanish firms in India.
He recommended that Spain and India make more significant investments in each other's businesses and people, take advantage of the potential provided by the India-EU FTA for both nations, and give connecting talent and tourism top priority.
