Piyush Goyal holds key meetings with EU, Belgian leaders to deepen trade, clean energy, agriculture cooperation
A high-level Indian business delegation visited Spain, Belgium, and Finland to advance India's economic partnership with the European Union.
In Brussels, the third India-EU Trade and Technology Council (TTC) Ministerial Meeting was co-chaired by the Union Minister for Commerce and Industry, the Union Minister for External Affairs, and the Minister of State for Electronics and Information Technology.
Bilateral meetings were held with the European Commissioner for Agriculture and Food and the European Commissioner for Climate, Net-Zero and Clean Growth, focused on agri-food value chains and clean-energy cooperation respectively.
A meeting was also held with Belgium's Deputy Prime Minister and Minister of Employment, Economy and Agriculture on trade, investment, technology, and logistics cooperation.
The visit included plans to engage with the Antwerp World Diamond Centre to explore opportunities for India's gems and jewellery sector.
India-EU Trade and Technology Council (TTC)
The Trade and Technology Council is a ministerial-level institutional mechanism between India and the European Union, announced by the President of the European Commission and India's Prime Minister in April 2022, and formally launched in February 2023. It is structured around three working groups — technology, innovation and digital governance; clean and green technologies; and trade, investment and resilient value chains — and is the first such council the EU has set up with any partner besides the United States.
Key Details
- Announced: April 2022; formally launched: February 2023
- First Ministerial Meeting held in Brussels on 16 May 2023
- Three working groups: (1) Strategic technologies, digital governance and connectivity, (2) Green and clean energy technologies, (3) Trade, investment and resilient value chains
- Co-chaired on the Indian side by the Ministers of Commerce and Industry, External Affairs, and Electronics and Information Technology — reflecting its cross-cutting mandate spanning trade, foreign policy, and technology
The third TTC Ministerial Meeting in Brussels continued this institutional dialogue, with discussions on FDI, trade facilitation, trusted technology, and resilient supply chains — the core areas the TTC framework was designed to cover.
India-EU Free Trade Agreement (Concluded January 2026)
Negotiations for the India-EU Free Trade Agreement, which had continued intermittently since being launched in 2007, were concluded on 27 January 2026, announced at an India-EU summit in New Delhi. It is described as the largest trade agreement either side has concluded, eliminating or reducing tariffs on over 96% of EU goods exports to India and giving India preferential access for more than 99% of its exports to the EU by trade value.
Key Details
- Negotiations concluded: 27 January 2026 (talks originally launched in 2007, relaunched in 2022 after a prolonged pause)
- Tariff coverage: over 96% of EU exports to India and over 99% of Indian exports to the EU (by value) gain preferential access
- Labour-intensive Indian sectors named as key beneficiaries: textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, and engineering goods
- Before entry into force, the agreement requires approval by the Council of the European Union, consent of the European Parliament, and ratification through India's treaty-making process
Discussions on agri-food value chains and gems and jewellery followed directly from the concluded FTA, with the Brussels meetings focused on translating the agreement's market access into sector-specific cooperation before it enters into force.
Kimberley Process Certification Scheme and India's Diamond Trade
The Kimberley Process Certification Scheme (KPCS) is an international mechanism, established in 2003 under a UN General Assembly resolution, to prevent "conflict diamonds" (rough diamonds used to fund armed conflict against governments) from entering the legitimate rough-diamond trade. India has been a KPCS participant since the scheme's inception in 2003, and the Gem and Jewellery Export Promotion Council (GJEPC) is India's designated authority for issuing Kimberley Process certificates.
Key Details
- Established: 2003, under UN General Assembly Resolution 55/56
- Requires participating countries to certify shipments of rough diamonds as "conflict-free" for legal international trade
- India assumed the chairmanship of the Kimberley Process in 2026
- India's diamond exports were valued at approximately US$13.3 billion in FY 2024-25
- Antwerp (Belgium) hosts the Antwerp World Diamond Centre, historically one of the largest global rough- and polished-diamond trading hubs, alongside Mumbai's Bharat Diamond Bourse
Engagement with the Antwerp World Diamond Centre, alongside India's 2026 Kimberley Process chairmanship, positions India to combine its role as the world's largest diamond-cutting and polishing centre with a greater voice in setting global rough-diamond trade governance rules.
- India-EU TTC: announced April 2022, launched February 2023, first ministerial meeting 16 May 2023 (Brussels); this was the third ministerial meeting
- TTC working groups: strategic technologies, green technologies, trade/resilient value chains
- India-EU FTA: negotiations concluded 27 January 2026; over 96% of EU export tariff lines and over 99% of Indian export value (by trade value) to gain preferential access
- Kimberley Process Certification Scheme: established 2003, under UN General Assembly Resolution 55/56; India a founding participant
- India's diamond exports: ~US$13.3 billion (FY 2024-25)
- India assumed Kimberley Process chairmanship in 2026