Europe is adding to businesses' regulatory burden, says Piyush Goyal

India's Commerce and Industry Minister Piyush Goyal criticized Europe for increasing the regulatory burden on businesses, suggesting that India could serve as a better partner. Goyal made his remarks at the India Netherlands Business Forum in The Hague during an official visit to the Netherlands. He also defended India as a trustworthy partner, stating that the country does not steal data, technology, or ideas.

Goyal criticized the European Union's carbon border adjustment mechanism (CBAM), calling it an "inviting disaster." He emphasized that businesses worldwide seek less compliance, simpler procedures, and reduced paperwork. Goyal's comments came as India implements its Jan Vishwas initiative, which aims to streamline doing business by replacing criminal punishment for minor violations with monetary penalties and administrative actions.

The Netherlands' foreign trade and development cooperation minister, Sjoerd Sjoerdsma, supported the EU's approach to deregulation but stressed the need to scrutinize regulations that hinder trade. He defended the European Commission's carbon border adjustment mechanism, describing it as an essential tool for adhering to the Paris climate agreement.

The India-EU trade agreement is expected to be signed by the end of the year, with implementation planned for the following spring. India's energy infrastructure and data center potential were highlighted as attractive for foreign investment. Bilateral trade between India and the Netherlands decreased by 16.2% in fiscal year 2026, with India recording a trade surplus of $11.74 billion.