Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a bid to further strengthen India’s trade and investment ties with the United Kingdom, Norway, and the European Union, Union Minister Piyush Goyal is expected to embark on a five-day visit to London, Oslo, and Brussels starting from April 28. This significant development is likely to boost Indo-European economic relations and create new opportunities for businesses in various sectors.
According to an official, the visit is aimed at fostering cooperation and dialogue between India and the European nations, with a focus on trade and investment. The trip is also expected to build upon the momentum generated by the signing of the Trade and Economic Partnership Agreement (TEPA) between member states of the European Free Trade Association (EFTA) and India last year.
The EFTA-India TEPA is a significant agreement that has paved the way for greater economic cooperation between the two regions. The agreement aims to promote trade and investment, improve market access, and enhance cooperation in areas such as innovation, technology, and sustainable development.
During his visit, Goyal is expected to hold meetings with senior officials and business leaders from the UK, Norway, and the European Union. These meetings will provide an opportunity for the minister to discuss ways to enhance trade and investment ties, identify new areas of cooperation, and address any outstanding issues.
The UK, in particular, is an important partner for India in the European region. The two countries enjoy strong economic ties, with bilateral trade valued at over $13 billion in 2020-21. The UK is also a significant investor in India, with Indian companies having significant interests in the UK.
Norway, on the other hand, is an important partner for India in the fields of energy, trade, and investment. The two countries have a long-standing relationship, and Norway is one of India’s largest trade partners in the European region. India and Norway have also been working together on issues such as climate change, sustainable development, and education.
The European Union, as a whole, is a significant trading partner for India. The EU-India trade agreement, which was signed in 2010, has led to a significant increase in trade between the two regions. In 2020-21, India’s exports to the EU were valued at over $34 billion, while imports from the EU were valued at over $45 billion.
The visit by Goyal comes at a time when India is looking to diversify its trade and investment ties with various regions of the world. The country has been actively engaging with countries in the Asia-Pacific, Africa, and the Americas to promote trade and investment, and to enhance economic cooperation.
In recent years, India has been successful in negotiating trade agreements with several countries, including the United States, Australia, and the United Arab Emirates. These agreements have helped to increase trade and investment between India and these countries, and have created new opportunities for businesses in various sectors.
In conclusion, Union Minister Piyush Goyal’s visit to London, Oslo, and Brussels is an important development that is likely to further strengthen India’s trade and investment ties with the UK, Norway, and the European Union. The visit is expected to build upon the momentum generated by the EFTA-India TEPA and to promote cooperation and dialogue between India and the European nations. As India looks to diversify its trade and investment ties with various regions of the world, this visit is an important step in the right direction.
