Goyal mentioned that both parties are working towards implementing the agreement in the first quarter of 2027, which would enhance Indian businesses’ access to the markets of the EU’s 27 member nations.
The minister shared that he recently conferred with EU Trade Commissioner Maroš Šefčovič about the agreement’s progression. Preparations are also in motion for the India-EU Trade and Technology Council (TTC) meeting in Brussels on July 14-15, where India’s ministers for external affairs and electronics and information technology will join senior EU officials.
Ahead of his travels to Spain and Finland, Goyal stated that the government is collaborating with Indian business delegations to aid companies in seizing new export opportunities. He referenced Prime Minister Narendra Modi’s upcoming trips to Indonesia, Australia, and New Zealand, expressing optimism for increased trade with these FTA partner nations.
He noted that recent monthly investment data suggests a continued uptick in investment activity within India.
Speaking at the Council for Leather Exports National Export Excellence Awards for 2024-25 in New Delhi, Goyal projected that India’s leather exports could expand from the present $4.5 billion to over $15 billion in the next five to seven years.
Describing leather-making as a tradition that dates back thousands of years to the Indus Valley civilization, Goyal encouraged exporters to develop Indian designer leather brands and enhance their visibility in the country’s FTA partner markets.
He emphasized that raising employment in the leather sector from approximately 40 lakh to one crore people would create economies of scale and enhance India’s export competitiveness. Goyal also stressed the importance of diversifying export markets, pointing out that 77% of India’s leather exports are currently concentrated in just 15 countries.
India has FTAs with around 50 countries, including Japan, South Korea, and the ASEAN bloc. Goyal mentioned that this number could exceed 60 as India engages in trade agreements with Canada, the GCC, Mexico, MERCOSUR, the Southern African Customs Union (SACU), Israel, the Eurasian Economic Union (EAEU), and Chile.
