Goyal Highlights India-EU Free Trade Agreement in Madrid
Madrid, Spain – July 14: Union Minister for Commerce and Industry, Piyush Goyal, announced that the much-anticipated India-European Union Free Trade Agreement (FTA) is nearing its launch, promising significant economic collaboration between India and Spain. He referred to the growing partnership as “a success story waiting to be told.”
Speaking at the India-Spain Business Forum in Madrid, Goyal noted that the legal details of the FTA are almost complete and it is expected to take effect shortly after the India-UK FTA is finalized.
Goyal echoed Prime Minister Narendra Modi’s perspective, describing the relationship between India and Spain as vibrant and dynamic. He emphasized that the FTA, which began discussions in January, is progressing smoothly, with final legal checks set to conclude soon.
He praised the political unity of the FTA, pointing out that it has garnered full support from all 27 EU member states, indicating a rare instance of complete consensus.
“This is likely the fastest free trade agreement to be approved in the EU. Both India and the EU have shown no signs of disagreement,” he stated confidently.
The minister highlighted the immense potential of this agreement, which connects two of the world’s biggest economic areas, making up nearly 30% of global trade. This collaboration could open doors across various sectors, including trade, investment, education, and technology.
Goyal also explained Spain’s significance in enhancing India’s ties with Europe, noting that this business delegation comes after a long hiatus. He expressed optimism about the high-quality representation of Indian business leaders in attendance.
“Spain is a crucial partner in our European journey, and despite limited preparation time, the caliber of the delegation makes me confident about what lies ahead,” he said.
Describing both nations as “vibrant democracies,” Goyal reiterated their shared historical ties and a mutual vision for global trade. He sees the alignment of values as essential for a prosperous future in trade.
In closing, he expressed gratitude to various industry organizations from both nations for their involvement in the forum, emphasizing the role of collaboration in advancing these promising ties.
