NEW DELHI: Union commerce minister Piyush Goyal on Tuesday dismissed speculations that US President Donald Trump played a role in bringing India and the European Union together for their landmark free trade agreement, saying “don’t think we even discussed this.”Goyal made these remarks while responding to a question that sought to link the India–EU Free Trade Agreement (FTA) to recent US tariff actions during a joint press conference in New Delhi.
When a reporter asked whether US President Donald Trump, under whose administration both India and the European Union were hit by steep tariffs, acted as a unifying factor in pushing the deal forward. Piyush Goyal said, “I don’t think we even discussed this at any point of time.”Earlier in the day, India and the 27-nation European Union concluded negotiations for the long-pending trade pact described as the “mother of all deals.”The timing is significant, coming amid renewed global trade uncertainty driven by aggressive US tariff policies, fragile supply chains and the prolonged Russia-Ukraine war.Goyal further described the pact as a “balanced, fair and win-win,” deal for businesses on both sides, saying sensitive issues were handled independently.He said the ambitious agreement is likely to be implemented within the 2026 calendar year. “Every agreement stands on its own legs, and this is a wonderful agreement. It’ll be taken up for a legal scrubbing on a fast track basis… We do hope that we should be able to celebrate the entry into force of this agreement within calendar 2026 itself,” he added.The deal has been finalised after negotiations spanning more than two decades. Once implemented, it will create a combined market of nearly 2 billion people, bringing together India, the world’s fourth-largest economy, and the EU, the second-largest economic bloc, the minister said.Under the agreement, 93% of Indian exports will enjoy duty-free access to the European Union, while imports of luxury cars and wines from Europe will become cheaper in India. India and the EU together account for about 25% of global GDP and nearly one-third of global trade, estimated at around USD 33 trillion.Goyal said the pact would open up a wide range of opportunities for investment and trade. With this agreement, the EU becomes India’s 22nd FTA partner. The development has earlier drawn criticism from the United States when the Treasury Secretary Scott Bessent said Washington had made greater sacrifices than Europe in the Russia-Ukraine conflict.“We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” Bessent said, adding that Russian oil is refined in India and sold to Europe.“They are financing the war against themselves,” he had remarked, criticising the India–EU “mother of all deals.” However, Trump has not yet responded to the pact.
About the Author
