THEBUSINESSBYTES BUREAU

NEW DELHI, JULY 19, 2026

Union Commerce and Industry Minister Piyush Goyal has urged European businesses to leverage India's rapidly growing economy, vast domestic market, world-class digital public infrastructure, skilled workforce and stable policy environment to establish the country as their preferred manufacturing, innovation and export hub, as he concluded a five-day visit to Spain, Belgium, Finland and Estonia that strengthened India's economic engagement with Europe following the successful conclusion of India-EU Free Trade Agreement (FTA) negotiations.

Accompanied by a high-level Indian business delegation, Goyal held a series of meetings with ministers, senior government leaders, business executives and industry stakeholders across the four countries from July 13 to 18. The visit focused on deepening economic partnerships, expanding investment linkages, strengthening technology cooperation and enhancing business-to-business engagement while building momentum for the early signing and implementation of the India-EU FTA.

In Spain, Goyal held discussions with First Vice-President and Minister of Economy, Trade and Business Carlos Cuerpo Caballero and Minister of Industry and Tourism Jordi Hereu Boher. He proposed an annual India-Spain Joint Commission meeting with business participation, while Spain suggested establishing a dedicated "India Team" to facilitate bilateral engagement.

Both countries agreed to advance technical discussions on interoperability between India's Unified Payments Interface (UPI) and Spain's Bizum digital payments platform. They identified collaboration opportunities in automobiles, pharmaceuticals, chemicals, textiles, renewable energy, tourism and infrastructure, while also discussing investment facilitation, mobility of professionals and joint investments in Latin America by leveraging Spain's strategic position as India's gateway to Europe and Latin America. Goyal also welcomed the flagship C-295 aircraft programme under the 'Make in India' initiative and progress on the Migration and Mobility Partnership and Social Security Agreement.

Addressing the India-Spain Business Forum, Goyal called on businesses to forge early partnerships to maximise opportunities arising from the India-EU FTA and outlined an ambitious "10×10×10" vision to increase bilateral trade, investment and tourism tenfold over the next decade.

In Brussels, Goyal co-chaired the third India-EU Trade and Technology Council (TTC) Ministerial Meeting, where he welcomed the adoption of the 2026-27 TTC Action Plan and the listing of 21 additional Indian fishery establishments, taking the total number of approved Indian establishments to 625. India also raised the issue of listing Indian ship recycling yards and proposed launching an India-EU dialogue on skills, education and talent mobility.

During meetings with European Council President António Costa, European Commissioner for Trade Maroš Šefčovič, Commissioner for Climate, Net Zero and Clean Growth Wopke Hoekstra, Commissioner for Agriculture and Food Christophe Hansen and European Parliament's International Trade Committee Chair Bernd Lange, both sides reaffirmed their commitment to work towards the early signing and implementation of the India-EU FTA.

The discussions also covered negotiations on the Investment Protection Agreement and the Geographical Indications Agreement, cooperation on the Carbon Border Adjustment Mechanism (CBAM), regulatory simplification, market access for agricultural products, duty derogation for Basmati rice and steel scrap. Goyal proposed dedicated plug-and-play industrial clusters for Belgian companies and explored strategic defence collaboration with Thales in counter-drone technologies and electronic warfare. Both sides recognised the need for a more predictable, transparent and business-friendly regulatory environment to unlock the full potential of India-EU economic relations.

In Finland, Goyal met Acting Prime Minister and Finance Minister Riikka Purra and Economic Affairs Minister Sakari Puisto to discuss expanding cooperation in artificial intelligence, 6G, quantum technologies, clean energy, the circular economy, advanced manufacturing and innovation. Both countries agreed that India's scale and talent, combined with Finland's technological capabilities, present significant opportunities for co-development and co-manufacturing, while also exploring university partnerships, startup collaboration, talent mobility and research cooperation.

The minister also met the leadership of KONE and Nokia, encouraging both companies to significantly expand manufacturing, research and development, exports and digital infrastructure investments in India. He invited Finnish companies to establish manufacturing bases in India to serve global markets and deepen collaboration in telecom technologies, data centres, cloud computing and workforce development.

Goyal concluded his visit in Estonia, marking the first ministerial-level visit from India since the opening of India's resident Embassy in Tallinn in 2021. During talks with Foreign Minister Margus Tsahkna, both sides explored cooperation in digital governance, fintech, UPI integration, e-residency, cybersecurity and emerging technologies. Estonia expressed strong support for the early implementation of the India-EU FTA and invited India to participate in the Estonia Digital Summit.

At the India-Estonia Business Forum, Goyal encouraged businesses from both countries to expand cooperation in cybersecurity, blockchain, clean energy and green hydrogen. Estonia highlighted its role as a gateway to the Nordic and Baltic region and expressed keen interest in partnering with India's fast-growing digital economy.

Throughout the visit, Goyal held extensive interactions with business leaders, industry associations and investors across all four countries, focusing on resilient supply chains, investment facilitation, innovation partnerships, manufacturing collaboration and expanding opportunities for Indian MSMEs and startups.

The government said the visit has imparted fresh momentum to India's expanding economic engagement with Europe, with the understandings reached expected to strengthen technology partnerships, promote investment flows, improve market access for Indian exporters and expand cooperation in future-oriented sectors.