Union Minister of Commerce and Industry Piyush Goyal has described 2026 as a historical year in India-European Union relations, hailing the Free Trade Agreement as balanced and beneficial to both sides.

Speaking in Brussels after the conclusion of the third India-EU Trade and Technology Council Ministerial Meeting, he emphasised that the FTA was “fair, equitable, and balanced,” and a true win-win for businesses and citizens across both regions.

He noted that European Commission President Ursula von der Leyen had referred to the deal as “the mother of all trade deals,” while Prime Minister Narendra Modi had characterised it as “a partnership for global good.”

Goyal underlined that the discussions in Brussels reaffirmed the shared vision of India and the EU for an innovation-driven, trusted and future-ready growth partnership. He said the TTC had become a vital pillar of engagement between the two sides. He highlighted that a work program on foreign direct investment screening had been concluded, with both sides exchanging best practices to expedite investment flows.

He also drew attention to global economic instability, stressing that the multilateral trading system was undergoing turbulence. He said India and the EU’s shared commitment to a rules-based, open, inclusive and non-discriminatory World Trade Organisation would help steer progress in the future.

He emphasised that both sides were committed to de-risking dependencies on critical areas, building reliable and diversified supply chains, and ensuring outcome-oriented work in market access, harmonisation of standards, and operationalising supply chain imperatives. He pointed to collaboration in deep tech start-ups, innovation ecosystems, industrial partnerships, advanced manufacturing, and connectivity, particularly in the context of global turbulence.

Goyal said that through the FTA, India and the EU were creating a framework for greater trade and business, and looked forward to witnessing the signing of the agreement later in 2026. He also cited Prime Minister Modi’s description of India’s economic position, noting that India was not only a rising power but also a reliable power, a fast-growing and credible economy.

Union Minister of State for Commerce and Industry Jitin Prasada added that cooperation between India and the EU was increasingly action-oriented and outcome-driven. He said governments, industry, research institutions and innovation ecosystems from both sides had agreed on a forward-looking action plan for 2026-27.

This plan would guide cooperation across strategic and emerging technologies, reflecting a shared commitment to deepen collaboration in research and innovation, strengthen trusted and resilient technology value chains, and promote greater industry engagement. He stressed that the plan would deliver tangible benefits to citizens and businesses.

Prasad highlighted progress in cutting-edge sectors such as semiconductor cooperation, artificial intelligence, high-performance computing and digital public infrastructure.

He said these achievements demonstrated the immense potential of the alliance. He emphasised that technology cooperation must ultimately benefit people, by delivering digital skills, connecting talent and innovation ecosystems, and facilitating greater mobility of skilled professionals.

He framed the India-EU alliance as a standard-setter for the international community, suggesting that both sides were uniquely positioned to advocate for technology partnerships that were sustainable and inclusive.

He said India and the EU could contribute to building global technology frameworks and standards that were open, trusted, interoperable and responsive to societal needs. He concluded that the India-EU technology partnership was entering a new phase, with a focus on implementation and measurable outcomes.

India, he said, remained committed to working closely with the EU to build a trusted, ambitious and future-oriented technology partnership that would contribute to innovation, economic growth and an inclusive, sustainable digital future.

ANI