Daijiworld Media Network - Mumbai

Mumbai, Sep 4: Commerce Minister Piyush Goyal on Friday said all 27 European Union member states support the Free Trade Agreement (FTA) with India and want to complete the formalities to bring the pact into force at the earliest.

Addressing the India-Belgium High-Level Dialogue in Mumbai, Goyal said unanimous support for such an agreement was rare in the European context and that all sections in India were also supportive of the deal.

“I assure you it has been deftly negotiated, protecting sensitive sectors on both sides. Therefore, there has been not one murmur of dissent against the India-EU FTA,” Goyal said.

The agreement is expected to provide significant benefits to India’s labour-intensive sectors, including fisheries, textiles and footwear. Exports of chemicals and pharmaceutical products are also expected to increase once the FTA comes into effect.

Belgian PM in Mumbai

Belgian Prime Minister Bart De Wever arrived in Mumbai from New Delhi on Friday and was received at the airport by Maharashtra Marketing and Protocol Minister Jayakumar Raval.

During his Mumbai visit, De Wever is scheduled to meet stakeholders from the diamond, ports and logistics sectors, with the engagements aimed at further strengthening India-Belgium economic ties.

De Wever said the India-EU FTA had come at a critical juncture as global trade faced increasing protectionism and uncertainty.

Describing the agreement as an “expression of strategic openness”, he said it reflected mutual trust and respect and would make the two economies more resilient to disruptions and coercion.

“We are sailing through rough waters, but India and Europe have chosen another route,” De Wever said, adding that the two sides had opted for partnership at a time when markets were increasingly being shut off and tariffs imposed.

Bilateral trade target set

During De Wever’s talks with Prime Minister Narendra Modi, the two leaders set a target of doubling bilateral trade between India and Belgium over the next five years, against the backdrop of the successful conclusion of the India-EU FTA.

Bilateral trade currently stands at around $13 billion.

The two sides also established an Investment Fast-Track Mechanism to facilitate and promote Belgian investments in India.

They further institutionalised regular business engagement through the India-Belgium Business Forum. These measures are expected to help increase and diversify bilateral trade and investment relations.

The leaders also reviewed ongoing engagement between Belgium’s sovereign wealth fund and India’s National Investment and Infrastructure Fund (NIIF).

Fintech cooperation was also discussed during the talks.