Union Minister of Commerce and Industry Shri Piyush Goyal concluded a five-day visit to Spain, Belgium, Finland and Estonia from 13–18 July 2026, accompanied by a high-level Indian business delegation. The visit focused on strengthening India’s economic engagement with Europe by expanding trade, investment, technology cooperation and business partnerships, while building on the momentum of the recently concluded India–EU Free Trade Agreement (FTA) negotiations.
Spain: ’10×10×10′ Vision for Bilateral Growth
In Spain, Shri Goyal held talks with senior government leaders, including First Vice-President and Minister of Economy, Trade and Business Carlos Cuerpo Caballero and Minister of Industry and Tourism Jordi Hereu Boher.
The two sides discussed establishing an annual India–Spain Joint Commission with business participation, while Spain proposed creating a dedicated “India Team” to facilitate bilateral cooperation. They also agreed to advance technical discussions on interoperability between India’s Unified Payments Interface (UPI) and Spain’s Bizum digital payments platform.
Both countries identified opportunities for collaboration in automobiles, pharmaceuticals, chemicals, textiles, renewable energy, tourism and infrastructure, while exploring greater investment facilitation, professional mobility and joint investments in Latin America. Shri Goyal also welcomed progress on the C-295 aircraft programme under the Make in India initiative.
Addressing the India–Spain Business Forum, the Minister unveiled an ambitious “10×10×10” vision aimed at increasing bilateral trade, investment and tourism tenfold over the next decade.
Belgium: Advancing India–EU Trade Agenda
In Brussels, Shri Goyal co-chaired the 3rd India–EU Trade and Technology Council (TTC) Ministerial Meeting, where both sides adopted the 2026–27 TTC Action Plan. The European Union also approved 21 additional Indian fishery establishments, increasing the total number of approved facilities to 625.
India proposed launching a dedicated India–EU dialogue on skills, education and talent mobility, while also seeking recognition for Indian ship recycling yards.
During meetings with senior European Union leaders, including European Council President António Costa, Trade Commissioner Maroš Šefčovič, Climate Commissioner Wopke Hoekstra, Agriculture Commissioner Christophe Hansen and INTA Committee Chair Bernd Lange, both sides reaffirmed their commitment to the early signing and implementation of the India–EU Free Trade Agreement.
Discussions also covered the Investment Protection Agreement, Geographical Indications Agreement, cooperation on the Carbon Border Adjustment Mechanism (CBAM), market access for agricultural products, regulatory simplification and trade facilitation. Shri Goyal additionally proposed dedicated industrial clusters for Belgian companies in India and explored defence collaboration with Thales in counter-drone technologies and electronic warfare.
Finland: Expanding Technology and Innovation Partnerships
In Finland, Shri Goyal met Acting Prime Minister and Finance Minister Riikka Purra and Minister of Economic Affairs Sakari Puisto to discuss collaboration in artificial intelligence, 6G, quantum technologies, clean energy, advanced manufacturing, circular economy and innovation.
Both countries agreed that India’s manufacturing scale and skilled workforce, combined with Finland’s technological expertise, create significant opportunities for co-development and co-manufacturing. Discussions also covered university partnerships, startup ecosystems, research collaboration and talent mobility.
The Minister also met the leadership of KONE and Nokia, inviting both companies to expand manufacturing, research and development, exports and digital infrastructure investments in India, while encouraging Finnish companies to use India as a global manufacturing and export hub.
Estonia: Strengthening Digital and Emerging Technology Cooperation
Shri Goyal concluded his visit in Estonia, marking the first ministerial-level visit from India since the opening of India’s resident Embassy in Tallinn in 2021.
During talks with Foreign Minister Margus Tsahkna, both sides explored cooperation in digital governance, fintech, UPI integration, e-residency, cybersecurity and emerging technologies. Estonia also expressed strong support for the early implementation of the India–EU FTA and invited India to participate in the Estonia Digital Summit.
At the India–Estonia Business Forum, Shri Goyal encouraged greater collaboration in cybersecurity, blockchain, clean energy and green hydrogen. He also interacted with members of the Indian community and paid tribute at the Mahatma Gandhi statue in Tallinn.
Strengthening India–Europe Economic Engagement
Throughout the visit, Shri Goyal held extensive interactions with business leaders, industry associations and investors across all four countries. Discussions focused on resilient supply chains, investment promotion, innovation partnerships, manufacturing collaboration and expanding opportunities for Indian MSMEs and startups.
The Minister encouraged European companies to leverage India’s large domestic market, robust digital public infrastructure, skilled workforce and stable policy environment by establishing India as their preferred destination for manufacturing, innovation and exports.
The visit is expected to provide fresh momentum to India–Europe economic relations by strengthening technology partnerships, increasing investment flows, improving market access for Indian exporters and expanding cooperation in future-oriented sectors.
Source: PIB
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