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President of the European Commission Ursula von der Leyen had special praise for India's Commerce Minister Piyush Goyal for playing a key role in the just-finalised India-EU Free Trade Agreement.
"I want to offer a special word of thanks to the people who worked so hard to make this day a reality. Starting with European Union Trade Commissioner Maros Sefcovic, India's Commerce Minister Piyush Goyal. You have done an outstanding work. This is historic and would not have been possible without you...Many others made vital contributions, and I congratulate you all. The hard work was worth it," President of the European Commission said at the joint press statement today, alongside Prime Minister Narendra Modi, President of the European Council Antonio Costa. Commenting on the deal EU Trade Commissioner Maros Sefovic also praised his engagement with Piyush Goyal and said, "After a year of tireless engagement and more than a decade in the making, we've delivered the biggest FTA ever. High tariffs down, opportunity unleashed. Proof that win-win trade is real and that genuine partnership, like with Minister Piyush Goyal, is always worth the effort." India and the EU successfully concluded negotiations of the landmark India-EU Free Trade Agreement (FTA) on Tuesday. The documents on the FTA conclusion were exchanged between EU Trade Commissioner Maros Sefcovic and Union Commerce Minister Piyush Goyal. This announcement marks a historic milestone in India-EU economic relations and trade engagement with key global partners. According to the joint statement, this historic deal is a milestone in the India-EU Strategic Partnership that will significantly enhance bilateral trade and investment ties, drive shared prosperity, strengthen resilient and diversified supply chains, and support sustainable and inclusive growth. The EU Commission President said the FTA would bring together Indian skills, services scale with Europe's technology, capital and innovation. "It will create levels of growth that neither side can achieve alone, and by combining these strengths, we reduce strategic dependencies," she said. The FTA comes after intense negotiations since the re-launch of negotiations in 2022. The announcement of the FTA on Tuesday marks the culmination of years of sustained dialogue and cooperation, between India and the EU, demonstrating the political will and shared vision to deliver a balanced, modern, and rules-based economic and trade partnership. The European Union is India's one of the largest trading partner, with bilateral trade in goods and services growing steadily over the years. In 2024-25, India's bilateral trade in goods with the EU stood at Rs 11.5 Lakh Crore (USD 136.54 billion) with exports worth Rs 6.4 Lakh Crore (USD 75.85 billion) and imports amounting to Rs 5.1 Lakh Crore (USD 60.68 billion). India-EU trade in services reached Rs 7.2 Lakh Crore (USD 83.10 billion) in 2024. (ANI)
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