New Delhi: The India-European Union Free Trade Agreement (FTA), one of the most significant trade pacts negotiated by India in recent years, has entered its final legal review stage, with Commerce and Industry Minister Piyush Goyal announcing that the legal scrubbing of the agreement is expected to be completed within the next one to two weeks.
Addressing the India-Spain Business Forum in Madrid on 14 July, Goyal said the agreement is likely to become operational in the first quarter of 2027 after ratification by both sides, describing it as “probably the fastest free trade agreement to be approved in the European Union.”
“India-EU free trade agreement legal scrub should be over in another week or two,” Goyal said, adding that the pact is expected to come into force a few months after the India-UK Free Trade Agreement, which became operational on 15 July.
Immense opportunities await India and the EU with the operationalisation of the India-EU FTA. pic.twitter.com/3bi4hwLlOB
— Piyush Goyal (@PiyushGoyal) July 13, 2026
The minister noted that the India-EU FTA had received broad political acceptance across all 27 member states of the European Union and had also generated widespread support within India.
“All the members are completely aligned in this partnership with India. There is not a murmur of dissent or dissatisfaction back in India also,” he said, underscoring the consensus surrounding the agreement on both sides.
Negotiated over nearly two decades, the India-EU FTA concluded negotiations in January 2026 and is now undergoing legal scrubbing before being translated into all official EU languages and placed before the respective legislative authorities for ratification. Once implemented, the agreement is expected to become one of the fastest EU trade deals to move from political conclusion to operationalisation.
Highlighting the strategic importance of the partnership, Goyal observed that India and the European Union together account for nearly 30 per cent of the global economy and international trade, making the agreement a landmark step in strengthening economic integration between the two partners.
Balanced agreement expected to expand trade, investment and strategic cooperation
Describing the FTA as an “equitable, fair and balanced agreement”, Goyal said the pact would create substantial opportunities for businesses across Europe while opening wider avenues for India’s market of nearly 1.4 billion people.
He identified advanced manufacturing, mobility, railways, infrastructure, innovation, digital technology, arts, science, culture, education and sustainability as sectors expected to benefit significantly from the agreement. The minister also emphasised that the FTA would help reduce trade barriers, encourage freer movement of goods, services and talent, and promote closer government-to-government and business-to-business cooperation.
Looking beyond trade liberalisation, Goyal said India and EU member states should work towards mutual recognition agreements, resilient supply chains and stronger institutional partnerships that would facilitate long-term economic integration.
India-Spain must look at a 10x10x10 partnership… pic.twitter.com/JRt7Mu4xaG
— Piyush Goyal (@PiyushGoyal) July 13, 2026
India’s growth trajectory, he noted, further reinforces the attractiveness of the partnership. Referring to the country’s latest economic performance, Goyal said India remained the world’s fastest-growing major economy despite geopolitical uncertainties.
“Our growth in the last quarter, January-March 2026, despite two wars and geopolitical tensions and concerns of free and open markets, was 7.8 per cent,” he said.
At the same time, he observed that Spain had continued to demonstrate strong economic performance despite signs of economic slowdown across parts of Europe, creating favourable conditions for deeper bilateral engagement.
The minister said the India-EU agreement should not merely be viewed as a conventional trade pact but as a platform for expanding cooperation across innovation, education, technology, sustainability and high-value manufacturing while building resilient global value chains.
India-Spain partnership and agricultural cooperation receive fresh momentum
During his address at the India-Spain Business Forum, Goyal also called for significantly expanding bilateral engagement between India and Spain by pursuing what he described as a “10/10/10 partnership.”
He proposed increasing bilateral trade, two-way tourism and mutual investments tenfold over the next decade. Bilateral trade between the two countries currently stands at less than US$10 billion.
“Can we look at increasing bilateral trade between Spain and India 10X in the next 10 years? Can we look at an increase in tourists both sides 10X in the next 10 years? Can we imagine increasing investments 10X in the next 10 years?” he asked, urging governments and businesses to prepare actionable plans to achieve these ambitious goals.
Acknowledging that such objectives may appear highly ambitious, Goyal argued that transformative outcomes require equally bold aspirations.
“It may sound extravagant, but we need to set unimaginable targets because it is easy to set modest targets and overachieve them. Bravery lies in setting aggressive targets,” he said.
Held a fruitful meeting with Mr. Christophe Hansen, European Commissioner for Agriculture and Food.
Building on the successful conclusion of the India-EU Free Trade Agreement, we discussed avenues to further deepen our agricultural partnership by strengthening resilient… pic.twitter.com/nxqZwujeLp
— Piyush Goyal (@PiyushGoyal) July 14, 2026
The minister noted that around 300 Spanish companies currently operate in India, while nearly 100 Indian firms have established a presence in Spain. He encouraged both countries to invest more deeply in each other’s people and businesses, leverage the opportunities emerging from the India-EU FTA, strengthen tourism and talent mobility, expand educational partnerships and deepen cooperation across multiple sectors.
In addition to trade discussions, Goyal held a meeting on 14 July with European Commissioner for Agriculture and Food Christophe Hansen to discuss expanding India-European Union cooperation in the agri-food sector as the FTA moves closer to implementation.
Sharing details of the meeting on X, Goyal said the discussions focused on strengthening resilient agri-food value chains, enhancing food security, supporting farmers and promoting sustainable growth.
“Held a fruitful meeting with Mr Christophe Hansen, European Commissioner for Agriculture and Food. Building on the successful conclusion of the India-EU Free Trade Agreement, we discussed avenues to further deepen our agricultural partnership by strengthening resilient agri-food value chains, enhancing food security, supporting farmers & promoting sustainable growth,” he posted.
The discussions reflected the expanding scope of India-EU cooperation beyond tariff reduction, encompassing food systems, agricultural resilience and sustainable development. As the agreement progresses through its final legal procedures and awaits ratification, both India and the European Union appear to be positioning the FTA as a comprehensive strategic partnership that extends well beyond trade, covering investment, technology, supply chains, agriculture, innovation, education and people-to-people connectivity.
