Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a significant development, Union Minister Piyush Goyal is set to embark on a five-day visit to London, Oslo, and Brussels starting from April 28. This trip is aimed at further strengthening India’s trade and investment ties with the United Kingdom, Norway, and the European Union. The impending visit comes as a follow-up to the signing of the Trade and Economic Partnership Agreement (TEPA) between the member states of the European Free Trade Association (EFTA) and India last year.
According to an official, the Union Minister will be meeting with top officials, business leaders, and policymakers in these cities to discuss ways to enhance bilateral trade and investment between India and these nations. The visit is expected to focus on exploring new opportunities for cooperation, resolving existing trade issues, and identifying areas of mutual interest.
During his visit to London, Goyal is likely to meet with UK’s International Trade Secretary, Anne-Marie Trevelyan, to discuss the progress made in the India-UK Free Trade Agreement (FTA) negotiations. The two nations have been engaged in talks to finalize the FTA, which is expected to boost trade between them by removing tariffs and non-tariff barriers. A successful outcome of these negotiations could lead to increased exports of Indian goods, such as textiles, pharmaceuticals, and IT services, to the UK.
Goyal’s visit to Oslo will provide an opportunity for him to meet with Norwegian business leaders and discuss ways to increase trade and investment between India and Norway. Norway is one of the largest investors in India, with a significant presence in the oil and gas sector. In recent years, there has been an increase in Norwegian investments in India’s renewable energy sector, and Goyal’s visit is expected to further nurture these ties.
The Brussels leg of the visit is likely to focus on strengthening India’s ties with the European Union (EU). Goyal is expected to meet with EU Commissioner for Trade, Valdis Dombrovskis, to discuss the progress made in the EU-India Free Trade Agreement (FTA) negotiations. The EU is one of India’s largest trading partners, and a successful outcome of these negotiations could lead to increased exports of Indian goods, such as textiles, leather products, and fruits, to the EU.
Furthermore, Goyal’s visit to Brussels will also provide an opportunity for him to discuss India’s participation in the EU’s flagship initiatives, such as the Asia-Europe Meeting (ASEM) and the EU-India Strategic Partnership. These initiatives aim to promote dialogue and cooperation between the EU and Asia, and India’s participation in these initiatives is expected to further strengthen its ties with the EU.
The signing of the TEPA between EFTA and India last year has opened up new opportunities for trade and investment between the two regions. The agreement aims to promote bilateral trade and investment, and facilitate the movement of goods and services between the EFTA countries (Norway, Iceland, Liechtenstein, and Switzerland) and India.
In conclusion, Union Minister Piyush Goyal’s visit to London, Oslo, and Brussels this month is expected to further boost India’s trade and investment ties with the UK, Norway, and the EU. The visit is likely to focus on exploring new opportunities for cooperation, resolving existing trade issues, and identifying areas of mutual interest. With the signing of the TEPA and the ongoing negotiations for the India-UK and EU-India FTAs, this visit is expected to pave the way for increased trade and investment between India and these nations in the years to come.
