'Mother of all deals' neither lenient nor strict: Piyush Goyal assures fruits for both India and EU

Union commerce and industry minister Piyush Goyal on Saturday hailed India's free trade agreement with the European Union saying that the "mother" will significantly boost New Delhi's exports to the bloc in upcoming 5 years. The deal, often called the "mother of all deals", is set to grant duty-free access to 99 % of Indian exports from day one of its implementation.Last month, both India and the EU confirmed that negotiations for the agreement have concluded, with the pact likely to come into effect later this year. Goyal highlighted that India already maintains a trade surplus with the EU in both goods and services. In 2024-25, Indian goods exports to the bloc reached $76 billion, while services contributed $46 billion. Describing the agreement, minister Goyal said, “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.”He urged domestic companies to take advantage of the new opportunities, expand their capacities, increase investments, and step beyond reliance on the domestic market.The minister emphasised that consumers are among the biggest beneficiaries of the deal, with goods expected to become more affordable.Referring to another major trade initiative, Goyal called talks with the United States the “father of all deals” and said India is working to close the agreement quickly, noting that negotiations are progressing well.On India’s broader trade ambitions, Goyal expressed confidence in reaching the country’s $2 trillion exports target by 2032.