New Delhi [India], January 27 (ANI): Commerce and Industry Minister Piyush Goyal has said that the India-EU Free Trade Agreement, which was finalized on Tuesday, will be taken up for legal scrubbing on a fast-track basis and expressed hope that the agreement will come into force later this year.

Piyush Goyal, who addressed a joint press conference, said the agreement covers almost 99% of the total exports that are sent from India to the European Union.

'Every agreement stands on its own legs, and this is a wonderful agreement. It will be taken up on legal scrubbing on a fast-track basis, as we discussed today, and translated into 24 languages simultaneously. We do hope that we should be able to celebrate the entry into force of this agreement within calendar 2026,' he said, answering a query.

'This agreement covers almost 99% of the total exports that are sent from India to the European Union and about 97% plus of the total exports from the European Union to India. Something which is unprecedented and reflects the strength and the depth of this agreement. We have tried to address the asymmetry in economic development between the two nations with different per capita incomes, with transitional periods, but ultimately focusing on the complementary strengths of both economies,' he added.

He lauded Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, European Council President Antonio Costa and said they have provided visionary leadership 'which has further been strengthened with colleagues from almost all parts of government in both the European Union and India'.

'Everybody playing their role to prepare the roadmap and lay the foundation for a very powerful economic, geopolitical, and strategic partnership of the 21st century,' he said.

'We are very pleased to have concluded negotiations. As Ursula von der Leyen has articulated, 'the mother of all deals', a free trade agreement which covers 25% of global trade. It is our eighth free trade agreement under Prime Minister Narendra Modi. Each and every one of them with developed nations and collectively reflecting an agreement between India and 37 developed nations. 37 developed nations and India have entered into free trade agreements in a short span of four years under the leadership of Prime Minister Narendra Modi,' he added.

Referring to the auto sector, he said the Indian industry is very happy that the government has protected their areas of interest in the smaller and low-cost automobile sector.

'We in India produce largely automobiles which are smaller in size and lower in cost. So we've been able to come to a very amicable understanding where the auto industry in Germany is very happy, getting greater access in a phased manner in areas of their interest, while the Indian industry is very happy that we've been able to protect their areas of interest in the smaller and low-cost automobile sector,' he said.

'This is the story that's been repeated in sector after sector. I believe we are offering today to the world an agreement which is unprecedented in scale, in terms of market access. It will support Make in India and support industry in the European Union. It opens up plethora of opportunities for investments on both sides. We have seen large investments flow from Europe to India, which can now grow manifold... Europe is a $20 trillion plus economy. India, being the fastest-growing large economy, will become a USD 30 trillion plus economy by 2047 and catch up very rapidly with the developed world. Together, we will work for the shared prosperity and a better future for 2 billion people in Europe and India,' he added.

Goyal said the breakthrough in EU-India trade relations comes after 20 years, noting that discussions were launched in 2006.

'Sixteen rounds of negotiations were held. Sadly, in 2013, efforts were aborted, and almost nobody ever imagined the European Union and India being able to come up with such a robust partnership framework as has been finalised by our leaders today. In fact, when we relaunched negotiations in mid-2022 and laid the initial foundational work, prepared our game plan, and way forward. We had elections in India and then in the European Union through 2024. So the heavy lifting for this FTA really started after the historic visit of the European Union trade commissioners led by Ursula von der Leyen in February 2025,' he said.

'Therefore coming up is a very balanced, equitable, and fair free trade agreement, which is a win-win for all sections of industry, both in India and European Union, opening up plethora of opportunities for investment, opening up markets which are complementary, with India gaining access significantly in labour-intensive industries like marine products, chemicals, footwear and leather, plastic rubber goods, textiles, apparel and clothing, gems and jewelry, furniture, sports goods, toys, and the European Union industries gaining access to the large and fastest growing economy of India in innovation, technology, sectors of precision engineering, and areas where India continues to look for partnerships and technologies from across the world,' he added. (ANI)