'Immense potential and possibilities await': Goyal expresses optimism on India-EU FTA

Madrid [Spain], July 14 (ANI): Union Commerce and Industry Minister Piyush Goyal on Monday said the India-European Union Free Trade Agreement (FTA), expected to become operational within months, will usher in a new era of economic cooperation between India and Spain, describing the bilateral partnership as "a success story waiting to be written."
Addressing the India-Spain Business Forum in Madrid, Goyal said the India-EU FTA, whose legal scrubbing is in its final stages, is expected to come into force a few months after the India-UK FTA becomes operational.
"As the Prime Minister of India, Narendra Modi, said, the partnership between Bharat and Spain is like a prism, which is multi-dimensional, vibrant and ever-evolving. We are at the cusp of bringing our two countries closer together with the finalisation of the India-EU Free Trade Agreement on January earlier this year. The legal scrub should be over in another week or two, and expectations are that it should become operational a few months after the India-UK FTA, which comes into force day after tomorrow," Goyal said.
The minister highlighted the political significance of the India-EU trade agreement, underlining how it has received unanimous backing from all 27 European Union member states without attracting opposition.
"At the political level, this is probably the only free trade agreement that Europe has finalised without any criticism from any of the 27 member states. They are completely aligned in this partnership with India. Similarly, in India too, there has not been a murmur of dissent or dissatisfaction. It will probably be the fastest free trade agreement to be approved in the European Union from the date of the handshake to entering into force in the first quarter of 2026," he said.
Goyal said the agreement would bring together two of the world's largest economic blocs, representing nearly 30 per cent of global trade and the global economy, creating vast opportunities across multiple sectors.
"Bringing together two large economies--the European Union and India--collectively representing nearly 30 per cent of global trade and the global economy has the potential to take engagement to much higher levels in trade, business, investments, exchanges in culture, education, tourism, technology, space and defence. Immense potential and immense possibilities await the European Union and India," he said.
The Commerce Minister mentioned how Spain holds a special place in India's engagement with Europe and explained that the business delegation was organised at short notice to deepen commercial ties.
"Spain has been a country with which we haven't had a business delegation from India for a very long time. Despite barely eight to ten days of preparation, the quality of business leaders who have come from India and the high level at which this delegation is represented gives me the courage of conviction to say that this is a partnership waiting to truly define the success story that we see in the EU-India partnership of the future," he said.
Calling India and Spain "two vibrant democracies," Goyal said both countries share civilisational links and a common vision for the future of global trade.
"Spain and India are two vibrant democracies with ties going back to ancient civilisational times. We have many elements in our shared history that bring us closer together. We are aligned in our worldview and see a rules-based trading order as an important element of the future of trade and commerce in the world," he said.
Goyal also thanked industry bodies from both countries, including CEOE, ICEX, Camara de Comercio, Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), ASSOCHAM and business leaders for participating in the forum. (ANI)