With the India–European Union free trade agreement — widely dubbed the “mother of all deals” — now concluded, Commerce and Industry Minister Piyush Goyal on Saturday said the pact would be “compassionate and loving”, ensuring gains for all 28 partners involved, while potentially doubling India’s exports to Europe within five years, PTI reported.Goyal said India already enjoys a trade surplus with the EU in both goods and services, and the agreement would significantly accelerate outbound shipments once it comes into force, likely later this year.
“Now, with 99 per cent of India’s exports getting duty-free access from day one of the implementation of the pact in the EU, the country’s exports are likely to double in five years,” he said.In 2024–25, India’s goods exports to the EU stood at $76 billion, while services exports were valued at $46 billion.Using a metaphor to describe the scale and intent of the agreement, Goyal said the FTA would be fair to all participants. “This mother is neither going to be very strict nor lenient. This mother is going to be compassionate, this mother is going to be loving, and this mother is going to make sure that both her children and, for that matter, the 27 nations of Europe and India, all 28 children will enjoy the fruits of this free trade agreement,” he told PTI in an interview.The minister urged Indian businesses to make the most of the opportunity by stepping up investments and expanding capacities, instead of relying primarily on the domestic market. He called on companies to “seize” the moment and move beyond the “cosy comfort” of India’s large internal demand base.Goyal said consumers would be the biggest beneficiaries of the India–EU FTA, as greater competition and lower tariffs should make goods cheaper and more accessible.On the possibility of a separate trade agreement with the US, often described as the potential “father of all deals”, the minister said India is working to conclude it “quickly”, adding that negotiations are progressing well.He also reiterated confidence in India’s longer-term trade ambitions, expressing hope that the country’s $2 trillion exports target could be achieved by 2032.
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