Commerce Minister Piyush Goyal on Friday, 4 September declared that all 27 European Union member states are backing the India-EU Free Trade Agreement (FTA) and want to finalise the pact at the earliest opportunity. Speaking at the India-Belgium high-level dialogue in Mumbai, Goyal described the unanimous EU support as 'very rare in the European context', adding that all sections within India were equally supportive of the agreement.

Goyal on the FTA's Strength

'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. He highlighted that the deal carries strong benefits for India's labour-intensive sectors, including fisheries, textiles, and footwear. Exports of chemicals and pharmaceutical goods are also expected to rise once the FTA comes into force.

Belgian PM's Visit to Mumbai

Belgian Prime Minister Bart De Wever arrived in Mumbai on Friday from New Delhi and was received at the airport by Maharashtra's Marketing and Protocol Minister Jayakumar Raval. His Mumbai engagements included meetings with stakeholders from the diamond, ports, and logistics sectors — areas central to deepening India-Belgium economic ties.

De Wever: A Pact for Rough Waters

De Wever described the India-EU FTA as an 'expression of strategic openness', saying it reflected mutual trust and would make both economies more resilient to disruptions and coercion. 'We are sailing through rough waters, but India and Europe have chosen another route,' he said, framing the agreement as a deliberate counter to rising global protectionism and tariff barriers. Notably, his remarks come as the United States has ramped up tariff pressure on multiple trading partners, making multilateral trade pacts increasingly valuable for export-dependent economies.

Bilateral Trade Targets and New Mechanisms

During De Wever's talks with Prime Minister Narendra Modi, the two leaders set a target to double bilateral trade between India and Belgium within the next five years. Current bilateral trade stands at approximately $13 billion. The two sides also established an Investment Fast-Track Mechanism to facilitate Belgian investments in India and launched the India-Belgium Business Forum as a platform for regular business engagement.

Sovereign Funds, Fintech on the Agenda

Both leaders reviewed the ongoing engagement between Belgium's sovereign wealth fund and India's National Investment and Infrastructure Fund (NIIF). Fintech cooperation was also discussed, signalling intent to expand the partnership beyond goods trade into financial services and infrastructure investment. All these measures are expected to increase and diversify bilateral trade and investment flows in the years ahead.