'Hope to implement FTA within this calendar year': Piyush Goyal on India-EU trade pact

India-Europe FTA Live Updates: Today’s summit at Hyderabad House marks the end of an 18-year journey, as India and the European Union officially finalise their Free Trade Agreement. Prime Minister Narendra Modi, hosting European Commission President Ursula von der Leyen and Council President Antonio Costa, hailed the pact as a "perfect example of partnership" between two global giants. By removing tariffs on 97% of goods, the deal will provide a huge boost to Indian manufacturing—especially in textiles, gems, and leather—while opening India’s market to European cars and machinery. Leaders estimate this will create a massive market of nearly 2 billion consumers.

The strategic depth of the meeting went beyond commerce. With the signing of the Security and Defence Strategic Partnership, India and the EU have committed to protecting the "rules-based international order." This agreement follows the historic participation of EU naval personnel in India’s Republic Day parade and focuses on shared challenges like maritime security and counter-terrorism. Defence minister Rajnath Singh and the three service chiefs joined the talks, highlighting the deal's role in allowing Indian firms to participate in European defence programs.

As the leaders move from floral tributes at Raj Ghat to high-level discussions, the message is clear: this partnership is a shield against global economic and geopolitical uncertainty. By complementing existing deals with the UK and EFTA, this agreement ensures that India remains a central pillar of the global economy, driving prosperity for 140 crore Indians and millions across Europe.