Union Commerce Minister Piyush Goyal announced that the India-EU Investment Protection Pact and Geographical Indications (GI) agreements are currently work in progress, according to an Economic Times report. Speaking at the India-Estonia Business Forum during his official visit to Estonia, Goyal said the trade pacts will open huge opportunities for businesses of both sides.
Connectivity to the European Market
Following trade pacts with the United Kingdom, the European Free Trade Association (EFTA) bloc, and the European Union (EU), India is now effectively connected to the entire European market, Goyal said at the forum. Estonia, a Baltic nation in Northern Europe known for its advanced digital governance and innovation-driven economy, is a member of the EU, the eurozone, and the Organisation for Economic Co-operation and Development (OECD).
Investment Inflows and Reforms
Goyal highlighted that India has undertaken a number of reforms in the past years, with a focus on streamlining governance to make it easier to do business. He added that India is also encouraging its industry to invest in technology and business around the world so that India can integrate with the developed world. The reform journey of the last decade has made India a long-term attractive investment destination.
In the last two decades, India has attracted over USD one trillion in foreign direct investment (FDI) at an annual run rate of USD 100 billion, apart from investments in the stock market, Goyal stated.
Social Security Agreements
The minister further noted that India is also looking at social security agreements with different countries, though no specific details were provided in the report.
| Key Metric | Value |
|---|---|
| FDI attracted in last two decades | Over USD 1 trillion |
| Annual FDI run rate | USD 100 billion |
These developments underscore India's deepening trade and investment ties with Europe, offering significant prospects for importers, exporters, and trade policy professionals. The progress on the investment protection pact and GI agreements will further strengthen bilateral economic relations.
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