He said that it will be operationalised a few months after the operationalisation of the India-UK trade agreement, which is coming into force from July 15.
“India EU free trade agreement legal scrub should be over in another week or two,” he said while addressing the India-Spain Business Forum.
The minister is in Spain on an official visit.
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Goyal said that there was no criticism of the India-EU trade agreement in any of the member states.
“All the members are completely aligned in this partnership with India. There is dissent or dissatisfaction back in India also,” he said.India and Europe collectively represent about 30 per cent of the global economy and trade.
Talking about India-Spain trade, the minister said that huge potential is there to boost the current bilateral trade, which is less than USD 10 billion. It was USD 9.2 billion in 2025-26.
Areas where both sides can increase collaborations include education and tourism, he said, adding, “Let us sit and create a roadmap for the future”.
“Can we look at increasing bilateral trade between Spain and India 10X in the next 10 years? Can we look at an increase in tourists both sides 10X in the next 10 years? Can we imagine increasing investments 10X in the next 10 years?” he asked.
He suggested making an actionable plan for achieving these targets.
The European Union comprises 27 member states, including Germany, France, Italy, Spain, Belgium and Finland.
While about 300 Spanish companies operate in India, about 100 Indian firms have a presence in Spain.
He suggested that India and Spain should invest more deeply in each other’s people and businesses, leverage the opportunities opened up by the India-EU FTA for both countries, and seriously focus on connecting tourism and talent.