Union Commerce and Industry Minister Piyush Goyal concluded his five-day visit to Spain, Belgium, Finland and Estonia from July 13-18, 2026, with India and the European Union reaffirming their commitment to the early signing and implementation of the proposed Free Trade Agreement, according to a Ministry of Commerce and Industry release. The visit, held from July 13-18, 2026, was accompanied by a high-level business delegation and aimed at deepening India's economic partnership with Europe, expanding investment ties and strengthening technology cooperation. As per the ministry, both sides reaffirmed their commitment to work towards the early signing and implementation of the India-EU FTA, with discussions covering trade, investment, and technology cooperation. The visit imparted fresh momentum to India's expanding economic engagement with Europe, with understandings reached expected to strengthen technology partnerships, promote investment flows, improve market access for Indian exporters and expand cooperation in future-oriented sectors. During his visit to Brussels, Goyal co-chaired the third India-EU Trade and Technology Council (TTC) Ministerial Meeting and welcomed the adoption of the 2026-27 TTC Action Plan, demonstrating the comprehensive nature of bilateral trade negotiations.
India and Spain have agreed to fast-track discussions on enabling interoperability between India's Unified Payments Interface (UPI) and Spain's Bizum digital payments platform, the Commerce Ministry announced. This represents a significant acceleration from the previous agreement to advance technical discussions, marking concrete progress toward payment system interoperability between the two nations. The discussions took place during Commerce and Industry Minister Piyush Goyal's recent visit to Spain, with both sides now committed to expediting the technical integration process. As per the Commerce Ministry, both sides also agreed to advance technical discussions for interoperability between the two payment systems, indicating a concrete timeline for implementation. The integration aligns with broader EU-India digital cooperation, with Estonia also expressing strong support for the early implementation of the India-EU FTA during Goyal's visit.
Throughout the visit, Goyal held extensive interactions with business leaders, industry associations and investors across all four countries, focusing on building resilient supply chains, facilitating investments, strengthening innovation partnerships, promoting manufacturing collaboration and expanding opportunities for Indian MSMEs and startups. The Minister encouraged European businesses to leverage India's rapidly growing economy, large domestic market, world-class digital public infrastructure, skilled workforce and stable policy environment to establish India as their preferred manufacturing, innovation and export hub. In Finland, Goyal met Ms. Riikka Purra, Acting Prime Minister and Minister of Finance, and Mr. Sakari Puisto, Minister of Economic Affairs, focusing on expanding cooperation in artificial intelligence, 6G, quantum technologies, clean energy, the circular economy, advanced manufacturing and innovation. The discussions also covered university partnerships, startup collaboration, talent mobility and research cooperation, with Goyal inviting Finnish companies to establish manufacturing bases in India to serve global markets.
During the visit, discussions covered negotiations on the Investment Protection Agreement and the Geographical Indications Agreement, as well as cooperation on the Carbon Border Adjustment Mechanism (CBAM), according to the Commerce Ministry. The talks also addressed regulatory simplification, market access for agricultural products, duty derogation on Basmati rice and steel scrap. Additionally, Goyal raised the issue of listing Indian ship recycling yards during his visit to Brussels, demonstrating the comprehensive nature of bilateral trade negotiations. During the Brussels visit, Goyal welcomed the listing of 21 additional Indian fishery establishments, taking the total number of approved Indian establishments to 625, and proposed launching an India-EU dialogue on skills, education and talent mobility to enhance bilateral cooperation in human resource development and professional mobility between the regions. Both sides recognised the need for a more predictive, transparent and business-friendly regulatory environment to unlock the full potential of India-EU economic relations.
Goyal met executives from KONE and Nokia during his visit, urging both companies to expand manufacturing, research and development, exports and digital infrastructure investments in India. He also proposed launching an India-EU dialogue on skills, education and talent mobility to enhance bilateral cooperation in human resource development and professional mobility between the regions. In Belgium, 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. In Spain, Goyal held productive discussions with H.E. Mr. Carlos Cuerpo Caballero, First Vice-President and Minister of Economy, Trade and Business, and H.E. Mr. Jordi Hereu Boher, Minister of Industry and Tourism, with Spain proposing establishing a dedicated "India Team" to facilitate bilateral engagement. These corporate engagements reflect the strategic importance of private sector partnerships in advancing bilateral economic relations and demonstrate the commitment of major multinational corporations to India's growth trajectory.
