New Delhi, Jan 9: Union Minister of Commerce and Industry Piyush Goyal and European Union Trade and Economic Security Commissioner Maros Sefcovic reaffirmed their commitment to a rules-based trading system and a modern economic partnership during high-level talks in Brussels.
Discussions centred on the proposed India-EU Free Trade Agreement (FTA), with both sides underlining the importance of protecting the interests of farmers and micro, small and medium enterprises (MSMEs), while enabling Indian industries to integrate more deeply into global supply chains.
"In continuation of our efforts to secure a mutually beneficial India-EU Free Trade Agreement (FTA), I held high-level talks with the EU Trade and Economic Security Commissioner, Mr. Maros Sefcovic, in Brussels. During this dialogue, we deliberated across key areas of the proposed agreement. We reaffirmed our commitment to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs while integrating Indian industries into global supply chains," Goyal said in a post on X.
Ahead of the Brussels meeting, Goyal visited Liechtenstein, where he chaired a business roundtable with leaders of leading Liechtenstein companies. The discussions focused on the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA). The visit was significant as it marked the first time an Indian Cabinet Minister travelled to Liechtenstein, reflecting the deepening of bilateral economic ties following the operationalisation of the landmark trade pact.
Goyal highlighted that the India-EFTA TEPA goes beyond trade liberalisation and provides a framework for promoting investment, technology collaboration, skill development, and resilient value chains.
He invited Liechtenstein companies to explore opportunities in India, particularly in light of the $100 billion investment commitment by EFTA nations. "I invited Liechtenstein businesses to engage with India, explore opportunities offered by the $100 billion commitment to invest in India by EFTA nations, and make it a long-term home for their ambitions," he said.
During his visit, the Minister also toured the headquarters of the Hilti Group and met its CEO, Jahangir Doongaji. Discussions focused on enhancing localisation, increasing value addition, and scaling global shipments from India. With Hilti's presence in India's construction sector for over 25 years, the talks also covered technology collaboration to support safer and smarter infrastructure, aligned with India's manufacturing and export growth objectives.
Goyal also met Liechtenstein's Prime Minister Brigitte Haas to discuss strengthening economic and investment ties under the India-EFTA TEPA. The two leaders explored cooperation in skill development, vocational training, and industry-academia linkages, combining India's young workforce with Liechtenstein's advanced industrial capabilities.
In a separate meeting with Deputy Prime Minister and Minister of Foreign Affairs Sabine Monauni, Goyal discussed opportunities for trade expansion, innovation, and clean technology. He emphasised the complementary strengths of the partnership, with India contributing scale, talent, and demand, and Liechtenstein offering high-value manufacturing and specialised engineering expertise.
The India-EFTA TEPA, signed in March 2024 and effective from October 1, 2025, includes Iceland, Liechtenstein, Norway, and Switzerland. The commerce ministry has stated that the agreement strengthens investment and innovation linkages while supporting the development of resilient global supply chains.
(ANI)
