Goyal may visit London, Oslo & Brussels this month for trade deals
Union Minister Piyush Goyal is set to embark on a five-day visit to London, Oslo, and Brussels, aiming to strengthen India’s trade and investment ties with the UK, Norway, and the European Union. According to an official statement, the visit is expected to commence on April 28 and is seen as a significant step in further boosting bilateral trade relations.
The visit comes at a crucial time, as India and the European Free Trade Association (EFTA) member states signed the Trade and Economic Partnership Agreement (TEPA) last year. TEPA aims to reduce tariffs, simplify customs procedures, and increase trade between India and EFTA member states. The agreement has opened up new opportunities for Indian businesses to invest and trade in the region.
During his visit, Goyal is likely to meet with senior officials and business leaders in the three cities to discuss ways to enhance trade and investment ties. The minister is expected to hold talks with the UK’s Secretary of State for International Trade, Anne-Marie Trevelyan, and Norway’s Minister of Trade, Industry and Fisheries, Odd Emil Ingebrigtsen, to discuss issues related to trade, investment, and economic cooperation.
One of the key areas of focus during Goyal’s visit is likely to be the promotion of Indian goods and services in the European market. India has been seeking greater market access for its products, including textiles, gems and jewelry, and pharmaceuticals. The minister is expected to push for a more favorable trade environment for Indian businesses in the region.
Another important aspect of the visit is likely to be the discussion on investment opportunities in India. The European Union is one of India’s largest trading partners, and the country is keen to attract more foreign investment to drive its economic growth. Goyal is expected to meet with European business leaders to discuss investment opportunities in key sectors such as infrastructure, manufacturing, and services.
The visit is also expected to focus on the implementation of the TEPA agreement. The agreement has eliminated tariffs on 92% of goods traded between India and EFTA member states, and the two sides are working to simplify customs procedures and increase trade.
India’s trade with the European Union has been growing steadily over the years, and the country aims to increase its trade with the region further. In 2020-21, India’s trade with the EU stood at over $80 billion, with a significant trade surplus in India’s favor.
The visit is seen as a significant step in further strengthening India’s trade and economic ties with the European Union. The country is keen to tap into the region’s large market and increase its exports to the region. Goyal’s visit is expected to pave the way for more trade and investment deals between India and the European Union.
In conclusion, Union Minister Piyush Goyal’s visit to London, Oslo, and Brussels is a significant development in India’s efforts to boost its trade and investment ties with the European Union. The visit is expected to focus on promoting Indian goods and services in the European market, discussing investment opportunities in India, and implementing the TEPA agreement. The outcome of the visit is likely to have a significant impact on India’s trade and economic relations with the European Union, and the country is keen to capitalize on the opportunities that the visit presents.
