Speaking at the Pravasi Rajasthani Divas in Jaipur, the Commerce and Industry Minister said that both the sides have agreed on broad contours of a trade deal and the agreement has many dynamics that would benefit the two sides.
“A rough outline of a free trade agreement has been prepared,” Goyal said, adding that both sides are committed for an early conclusion of the deal.
Responding to a question on whether the deal will be finalised in January 2026, when India-EU Summit is scheduled to be held, Goyal said, I think the air is pregnant with possibilities.”
“Whether it happens in one month, next week or next month, we will wait and watch,” he added.
Maros Sefcovic, the European Union’s Commissioner for Trade and Economic Security, visited India and both sides reviewed the progress of the negotiations on December 8 and 9.
Goyal said that the discussions were positive and he was confident that a decision on the agreement will be made soon.
Sefcovic had also met Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar.
Both India and the EU have agreed to conclude the negotiations on the trade pact as early as the end of December this year.
The top EU chiefs are also slated to attend the Republic Day 2026 parade as the chief guest on January 26, while the India-EU Summit is expected to take place on January 27, CNBC-TV18 had reported earlier.
The bilateral trade between India and EU in the financial year 2024-25 stood at $136 billion, which include India’s exports worth $75 billion while imports accounted over $60 billion.
The EU accounts for nearly 17% of India’s total exports, while India accounts for 9% for the 27-nation bloc.
Both the sides are in discussion across different policy areas such as services, investments, goods, intellectual property rights and geographical indications.
