Commerce and Industry Minister Piyush Goyal has called for an ambitious €310 billion bilateral trade target between India and Germany, urging businesses to prepare early to maximise opportunities from the India-EU free trade agreement.
Berlin, October 22 — Commerce and Industry Minister Piyush Goyal has called for setting a bold bilateral trade target of €310 billion between India and Germany, up from the current level of around €31 billion.
Speaking at an event in Berlin, Goyal said businesses from both countries should begin preparing for the India-EU free trade agreement so they can benefit quickly once it becomes operational.
He said companies should start exchanging information on product quality, pricing and market requirements in advance, allowing them to move faster when the trade pact comes into force.
Goyal expressed hope that the India-EU FTA, which has already been finalised, would be signed before the end of the year and could become operational within the next four to five months.
He said the ambitious trade target would require businesses on both sides to identify sectors where India and Germany have complementary strengths.
Germany’s advantages in precision engineering, technical expertise and manufacturing quality, combined with India’s infrastructure, digital capabilities and skilled workforce, could create significant new opportunities, he said.
The minister also highlighted potential cooperation in areas such as artificial intelligence, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage and resilient supply chains.
He said both countries could work together to navigate global economic uncertainty and strengthen economic security.
Goyal also emphasised the importance of skills and apprenticeship programmes, pointing to Germany’s experience in vocational and technical training.
He suggested that India could learn from German skilling models while offering German companies access to its large talent pool and expanding industrial base.
The India-EU trade agreement is expected to significantly improve market access for Indian exporters.
Under the deal, around 93% of Indian shipments are expected to receive duty-free access to the 27-member European Union, while products such as luxury cars and wines imported from Europe are expected to become cheaper in India.
Goyal is leading a 100-member Indian business delegation to Germany and urged companies to use the visit to identify customers, collaborators and investors.
He also inaugurated an India Centre in Berlin aimed at helping businesses strengthen commercial links between the two countries.
German Federal Minister for Economic Affairs and Energy Katherina Reiche said there was significant potential to expand trade and investment ties and suggested working towards doubling bilateral trade while reducing regulatory barriers.
