Goyal described the agreement as a game-changing and transformational moment for ties between India and the EU. He noted that together, India and Europe account for about 25 percent of global trade.
Under the trade pact, Indian products from labour-intensive sectors such as textiles, gems and jewellery, and chemicals will get duty-free access to the European market. This is expected to boost exports, create jobs, and support small and medium businesses. In return, India will further open its market to European technology, advanced machinery, and precision engineering products.
Their first-ever security and defence Partnership between India and the EU will strengthen cooperation in areas such as maritime security, cyberspace, and counter-terrorism.
India and the EU also signed a Memorandum of Understanding on mobility. The agreement aims to make it easier for professionals and students to move between India and Europe for work, study, and training.
The announcements were made during the 16th India-EU Summit, which both sides described as a milestone in bilateral ties. Leaders also agreed on a “Towards 2030” roadmap, focusing on shared growth, innovation, and strong global supply chains.