New Delhi: The India-EU FTA opened major opportunities for farmers, fishermen, MSMEs, startups, innovators and businesses in India and Europe, Commerce and Industry Minister Piyush Goyal said.
Goyal made the remarks at the India–Belgium High-Level Dialogue on the India–EU FTA in Mumbai. Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis attended the event.
The minister said the agreement had taken 25 years to conclude. However, he said negotiators had protected sensitive sectors on both sides.
All 27 EU countries supported the agreement, Goyal said. They also wanted to complete the formalities and bring the agreement into force at the earliest.
Goyal said such unanimous support was rare in the European context, as he understood it. Similarly, he said every section in India had supported the agreement wholeheartedly.
The India-EU FTA brings together 2 billion people, representing a quarter of global GDP. It also covers a third of world trade and a market valued at USD 24 trillion.
De Wever said the agreement would strengthen trade, investment and economic resilience. It would also open doors for companies, young talent and investors.
Meanwhile, the Belgian Prime Minister highlighted the Port of Antwerp-Bruges as an important India-Europe logistics link. He said the agreement would create opportunities in diamonds, food processing, pharmaceuticals and maritime services.
He also cited green hydrogen and infrastructure as areas with strong potential. In addition, he said tariffs on more than 95 per cent of Indian and European goods exports would be scrapped or reduced.
Goyal said India and Belgium could deepen economic cooperation because their economies complemented each other. He identified several sectors where both sides could build stronger partnerships.
One area was gems and jewellery. Goyal proposed greater cooperation in design and co-creation, including lab-grown diamonds.
He also called for stronger technology and certification cooperation. Such work could support mutual recognition between the two countries.
Antwerp, Mumbai and Surat are major diamond centres, Goyal noted. Therefore, stronger links among these centres could help expand the sector.
Semiconductors formed another key area. Goyal said Belgium’s micro-electronics research could combine with India’s scale, skills and talent.
He proposed a design-to-fabrication ecosystem in semiconductors. Such cooperation could connect research, design and manufacturing capabilities in both countries.
Green hydrogen also offered major scope, Goyal said. India’s Green Hydrogen Mission could support Europe through Antwerp-Bruges’ bunkering and green shipping infrastructure.
He called for deeper cooperation in this field. This could connect India’s clean energy capabilities with Belgium’s port and shipping strengths.
Defence and advanced manufacturing also offered opportunities. Goyal referred to Memoranda of Understanding exchanged with John Cockerill.
He identified counter-drone systems, electronic warfare and precision munitions as possible areas of cooperation. He also mentioned Western export corridors for India-designed BrahMos and Pinaka missiles.
Goyal said industrial alignment between India and Belgium had never been deeper. He also noted that John Cockerill makes ammunition for India’s Bofors guns.
At the same time, he pointed to increased spending in Europe and India’s security environment. He said these conditions created significant scope for closer cooperation.
Agriculture and food processing formed another important area. Goyal highlighted potato processing, cold chains and other food-processing activities.
He said technology and sustainable agricultural value chains could serve markets across the world. India and Belgium could therefore combine their strengths in this field.
The minister also described Belgium as a gateway to the opportunity created by the India-EU FTA. He specifically highlighted the Port of Antwerp-Bruges.
Goyal noted that Antwerp-Bruges is Europe’s second-largest seaport. He described it as a doorway through which trade would move between India and Europe.
Furthermore, he highlighted the port’s inland barge, rail and road networks. He also pointed to Bruges’ seabridges, deepwater facilities, roll-on/roll-off services and automotive strengths.
According to Goyal, these combined facilities could give Indian exporters a strong route into European industrial and consumer markets.
India’s trade with the EU had also grown sharply, Goyal said. It had doubled over the last decade to nearly USD 140 billion.
He said India and Belgium faced a choice amid protectionism and supply chain disruptions. Problems in food and fuel delivery, two wars, volatility and uncertainty had added to global challenges.
Goyal said both countries could either be swept up in the prevailing chaos or build “islands of trust and predictability.”
India-EU FTA strengthens technology and investment links
Quoting Belgian Nobel laureate Ilya Prigogine, Goyal referred to the idea of “order emerging out of chaos.” He said India and Belgium had chosen cooperation under the leadership of their Prime Ministers.
“We choose to build, we choose to connect, we choose to work together,” Goyal said.
The minister then outlined India’s economic and technological ambitions. He said the Indian story had only begun.
Goyal said India was a USD 4 trillion economy on a purchasing power parity basis. He also said India was already the world’s third-largest economy, with a USD 20 trillion GDP on a PPP basis.
The country aims to reach a USD 30 trillion economy by 2047, Goyal said. He described this as the collective commitment of 1.4 billion Indians.
India has also prepared a roadmap for this transformation, he said. The effort covers social upliftment, infrastructure creation and manufacturing at scale.
The roadmap also seeks to make India a destination for global companies. Businesses can design, co-design, co-create and co-manufacture in India, Goyal said.
He added that India and its partners could work for both regions and the wider world. Therefore, he invited European businesses to explore India’s growing opportunities.
Goyal highlighted India’s semiconductor programme as a major area of expansion. He said the first edition of Semicon India had been fully subscribed.
Investors from around the world participated in the programme, he said. Meanwhile, Semicon India 2.0 had recently been launched with an outlay of USD 14 billion.
The combined mission could catalyse nearly USD 70 billion in semiconductor investments in India, Goyal said. He presented this as another area where Belgium and India could cooperate.
India’s AI Mission was also operational and supporting startups, the minister said. In parallel, the country was pursuing its Critical Minerals Mission.
Goyal further highlighted India’s nuclear energy programme. Under the Shanti Act, the sector had opened to private participation after 60 years.
India plans to build 100 gigawatts of nuclear power capacity over the next 20 years. Goyal said this capacity would provide baseload power and help replace fossil fuels.
Space technology was another sector he highlighted. India’s space technology sector currently stands at USD 8.5 billion, Goyal said.
He expects it to reach USD 44 billion over the next eight years. Private initiatives, startups, innovators and designers would drive much of this growth, he said.
Goyal said India had become only the third country where a private company had launched a rocket into space. He also said India was the first country where a private initiative had succeeded on its first attempt.
The minister also highlighted a recently launched USD 12 billion research and development fund. He said the fund would support innovation across India.
From a European perspective, the USD 12 billion amount might appear modest, Goyal said. However, he argued that India’s purchasing power parity could increase the impact of the investment.
Government funding, private investment and academic capabilities could together deliver innovation equivalent to USD 150 billion compared with European costs, he said. He added that this could happen at a fraction of the cost while matching global standards.
Goyal invited Belgium and the European Union to partner with India. Belgian technology, innovation and capital could find a strong base in India, he said.
He pointed to India’s scale, talent, youthful energy and young population. Decisive leadership, he added, could further support such partnerships.
Maharashtra also offered a strong business environment, Goyal said. He described the state as India’s financial and commercial capital and its industrial capital.
He also called Maharashtra the fastest-growing economy in the country. As a result, he invited Belgian businesses to explore opportunities in the state.
Goyal invited De Wever and Belgian companies to engage with India with an open mind and open heart. He said modern industries could access the facilities needed to operate and expand.
People remained central to these opportunities, he added. He specifically mentioned the Indian community, students and researchers.
The minister called for stronger workforce mobility between India and Belgium. He also sought mutual recognition of qualifications and joint skills development.
In addition, he proposed dual-degree education programmes. Such initiatives could help address talent shortages in sectors where Belgium needs more skilled workers and young talent.
Goyal also recalled the long relationship between India and Belgium. He said the two countries had shared a warm and enduring relationship since India gained independence in 1947.
Belgium was among the first European countries to establish diplomatic relations with independent India, he noted. Goyal said India would always remain grateful to the Belgian people for that gesture.
The minister thanked De Wever for his leadership and support. He also credited him with pursuing stronger Belgium–India and EU–India relations.
Goyal said these efforts had helped bring the 25-year journey toward the trade agreement to a conclusion. He also referred to his recent visit to Belgium.
During that visit, he said, Belgian enterprises showed strong energy and interest. This experience reinforced his view that both countries could deepen commercial ties.
Goyal said India and Belgium could create an “absolutely unbeatable competition” by combining their respective strengths.
Belgian technology, innovation and capital could combine with India’s scale, talent and youthful energy, he said. India’s young population and decisive leadership could further strengthen that partnership.
The minister ended his address by drawing an analogy with diamond formation. He said natural diamonds form under tremendous pressure deep beneath the ground.
He also referred to lab-grown diamonds, which develop through processes involving carbon deposits. In a similar way, he said pressure and turmoil could produce stronger cooperation between India and Belgium.
“Let India and Belgium form something just as enduring, just as beautiful and precious as a diamond,” Goyal said.
He added that such a diamond should benefit more than India and Belgium. It should also serve Europe and the wider world, he said.
