The India-European Union free trade agreement (FTA) is widely termed as the “mother of all deals“.
Both sides have announced that the negotiations for the pact have been concluded, and it is likely to be implemented this year itself.
Goyal said India already has a trade surplus in exports of both goods and services to the European Union.
Now, with 99 per cent of India’s exports to get duty-free access from day one of the implementation of the pact in the EU, the country’s outbound shipments are likely to double in five years.
In 2024-25, India’s goods exports were USD 76 billion, and services were USD 46 billion.
He appealed to domestic businesses to “seize” the opportunity, increase investments, expand capacities, and get out of the cosy comfort of the large and huge domestic market.”This mother is neither going to be very strict nor lenient. This mother is going to be compassionate, this mother is going to be loving, and this mother is going to make sure that both her children and, for that matter, the 27 nations of Europe and India, all 28 children will enjoy the fruits of this free trade agreement,” Goyal told PTI in an interview.
Consumers are the largest stakeholders in the FTA with the EU, and goods need to become cheaper for them, he added.
On the ‘father of all deals’, the minister said India is working towards closing it with the US “quickly”, as good negotiations are happening.
On India’s exports target of USD 2 trillion, he expressed hope that it can be achieved by 2032.
