Commerce and Industry Minister Piyush Goyal has challenged Indian and German businesses to raise bilateral trade nearly tenfold to €310 billion from around €31 billion, urging companies to prepare for opportunities from the proposed India-European Union free trade agreement (FTA).
“An eminent mathematician in India invented the word zero… We have 31 billion euros (bilateral trade at present) … if we were to be able to add a zero to that, make it three hundred and ten (310), how would that sound?” Goyal said at a business event in Berlin, Germany.
He did not specify a deadline for achieving the proposed trade level, leaving businesses to develop a roadmap. Germany's Economic Affairs and Energy Minister Katherina Reiche called for reducing red tape and pursuing joint projects to strengthen commercial ties.
Goyal's visit included a bilateral meeting with Reiche, a business roundtable and discussions with German corporate executives. He was accompanied by a delegation of around 100 Indian businesses and startups.
India-EU FTA: Businesses urged to prepare
Goyal expressed hope that the India-EU FTA would be signed before the end of 2026 and become operational within four to five months of signing, subject to the completion of the necessary approval procedures. Negotiations concluded on January 27, 2026, but the agreement must complete the required legal and institutional processes before it can take effect.
“If we don't start preparing now, we won't be able to make the best of the agreement,” Goyal said, urging companies to exchange product samples, discuss quality requirements and pricing, and identify potential customers and partners ahead of implementation.
AI, semiconductors and advanced manufacturing
The minister called for closer cooperation in artificial intelligence, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy and energy storage. He also highlighted the scope for stronger links between industry, research institutions and academia.
“Our ambition should not stop at Made in India or Made in Germany. We should look at co-created with us,” Goyal said, arguing for businesses to develop products and technologies jointly rather than limit their engagement to trade in finished goods.
During his visit, Goyal met executives from Bayer, Knauf Group and Fresenius to discuss business and investment opportunities. He also held discussions with German research organisations on advanced materials, artificial intelligence and industrial innovation.
The scale of the proposed trade expansion would require companies to identify specific products and markets where the two economies can complement each other. For Indian manufacturers, the opportunity lies in gaining access to German technology and industrial expertise, while German companies could use India as a manufacturing base and a market for expansion. Whether these opportunities translate into higher trade will depend on new orders, investment commitments and the removal of practical barriers to doing business.