Union Minister for Commerce and Industry Piyush Goyal has said the India–European Union (EU) Free Trade Agreement (FTA) will create significant opportunities for businesses, farmers, entrepreneurs and innovators on both sides. Addressing the India–Belgium High-Level Dialogue on the India–EU FTA in Mumbai, Goyal said the agreement had been carefully negotiated to protect sensitive sectors while expanding market access.
The event was attended by Belgian Prime Minister Bart De Wever and Maharashtra Chief Minister Devendra Fadnavis.
FTA Connects Major Global Markets
Goyal said the India–EU FTA represents the culmination of nearly 25 years of negotiations and brings together a market of around 2 billion people. Together, India and the EU account for a substantial share of global GDP and international trade, creating considerable potential for companies seeking new markets.
He said all 27 EU member states had supported the agreement and were keen to complete the formalities required to bring it into force. According to Goyal, the agreement has also received broad support across different sections of the Indian economy.
Belgian Prime Minister Bart De Wever said the pact would strengthen commercial ties, facilitate investment and create opportunities for companies and young professionals. He highlighted the strategic role of the Port of Antwerp-Bruges as a logistics gateway connecting India with European markets.
Focus on Diamonds, Semiconductors and Green Hydrogen
Goyal identified several areas where India and Belgium could deepen economic cooperation. Gems and jewellery emerged as one key sector, particularly through collaboration in lab-grown diamonds, technology and certification.
He called for stronger cooperation between the diamond centres of Antwerp, Mumbai and Surat, including efforts towards mutual recognition of standards and certifications.
Semiconductors were another major area of opportunity. Goyal said Belgium’s expertise in microelectronics research could complement India’s large talent pool, manufacturing capabilities and growing semiconductor ecosystem. Such cooperation could help build an integrated design-to-fabrication value chain.
The Minister also highlighted green hydrogen as a promising area. India’s National Green Hydrogen Mission, combined with Antwerp-Bruges’ shipping and bunkering infrastructure, could support cleaner energy and maritime transport links between the two economies.
Scope for Advanced Manufacturing and Defence Cooperation
Goyal pointed to the potential for collaboration in advanced manufacturing and defence technologies. Referring to Memoranda of Understanding involving John Cockerill, he said areas such as counter-drone systems, electronic warfare, precision munitions and manufacturing could provide new avenues for industrial cooperation.
He also highlighted opportunities for India-designed defence systems to access Western export corridors, describing the growing industrial relationship between India and Belgium as particularly significant amid changing global security and supply-chain conditions.
Agriculture and food processing could also benefit from closer cooperation. Goyal identified potato processing, cold-chain infrastructure and sustainable agricultural value chains as areas where Indian and Belgian expertise could work together.
Antwerp-Bruges as Gateway to Europe
The Minister described the Port of Antwerp-Bruges as an important physical gateway for the India–EU FTA. Its combination of maritime facilities and inland rail, road and barge connectivity, he said, could provide Indian exporters with efficient access to European industrial and consumer markets.
Goyal noted that India-EU trade has already nearly doubled over the past decade to around USD 140 billion, underscoring the scale of the existing economic relationship.
India Invites Belgian Investment
Goyal highlighted India’s rapidly expanding capabilities in semiconductors, artificial intelligence, critical minerals, nuclear energy and space technology. He said the semiconductor programme, including Semicon India 2.0, is expected to catalyse substantial investment in the sector.
He also pointed to India’s AI Mission and the opening of the nuclear energy sector to private participation. India’s space economy, he said, is expected to expand significantly, driven increasingly by startups and private-sector innovation.
The Minister invited Belgian companies and the wider European business community to take advantage of India’s scale, talent, young population and expanding infrastructure.
Skills and Workforce Mobility
Goyal stressed that people would remain central to the India-Belgium economic partnership. He called for greater workforce mobility, mutual recognition of qualifications, joint skill-development programmes and dual-degree initiatives, particularly in areas where Belgium faces talent shortages.
He said India and Belgium’s longstanding relationship provides a strong foundation for building a deeper economic partnership.
Concluding his address, Goyal used the example of a diamond to describe the potential of bilateral cooperation. He said that despite global uncertainty and economic pressures, India and Belgium could combine their respective strengths in technology, innovation, capital, talent and scale to create lasting value.
He envisioned this partnership not merely as an opportunity for India and Belgium or Europe, but as a platform capable of contributing to the wider global economy.
Author: Shivam
Shivam Dwivedi is a senior journalist with extensive experience in research-driven journalism, policy communication, and multi-platform storytelling. His areas of interest include international relations, defence, science & technology, education, urban development, agriculture, spirituality, and environmental sustainability. His work focuses on in-depth analysis, public discourse, and impactful narratives across governance and development sectors, with a strong commitment to the Sustainable Development Goals (SDGs). Contact: [email protected]
