Piyush Goyal Sets 310 Billion Euro Trade Target With Germany

Commerce and Industry Minister Piyush Goyal led a delegation of approximately 100 businesses and startups on an official visit to Germany and the Netherlands from October 22 to 27, 2026. During the mission, Goyal announced a target to increase bilateral trade with Germany tenfold to 310 billion euros, leveraging the India-European Union Free Trade Agreement (FTA). He stated the FTA, finalized on January 27, is expected to be signed by December 2026 and could become operational within four to five months.

In Berlin, Goyal co-chaired an India-Germany Business Roundtable and jointly inaugurated the India Centre at the German Council on Foreign Relations with German Federal Minister for Economic Affairs and Energy Katherina Reiche. Goyal met with executives from firms including Bayer, Volkswagen, and Siemens Healthineers, noting that German companies now view India as a strategic base for manufacturing and R&D rather than just a consumer market. He also advocated for a joint R&D partnership to combine German precision technology with Indian scale and talent.

While promoting the FTA, Goyal criticized the EU's Carbon Border Adjustment Mechanism (CBAM), arguing that developed nations bear the historical responsibility for climate change. Simultaneously, FICCI Secretary General Anant Swarup urged Indian firms to upgrade product quality and adhere to strict EU sustainability standards to ensure market access. The delegation's itinerary included visits to the Netherlands to study logistics infrastructure at the Port of Rotterdam and engage with the India-Netherlands Business Forum.