Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
Union Minister Piyush Goyal’s likely visits to London, Oslo, and Brussels are expected to begin on April 28, an official said. The five-day visit to these cities is aimed at further boosting India’s trade and investment ties with the UK, Norway, and the European Union. This development comes in the wake of the signing of the Trade and Economic Partnership Agreement between the member states of the European Free Trade Association (EFTA) and India last year.
Goyal, the Minister of Commerce and Industry, is set to meet with his counterparts in the UK, Norway, and the EU to discuss various trade and economic cooperation agreements. The visits are expected to focus on enhancing bilateral trade relations, strengthening economic ties, and exploring new avenues for investment and cooperation.
The UK, one of India’s largest trading partners, has been a significant destination for Indian exports and investments. The two countries have been engaging in discussions to strengthen their trade ties, including a potential free trade agreement. Goyal’s visit to London is expected to be a crucial step in this direction, as it will provide an opportunity for the two sides to explore ways to increase trade and investment flows.
Norway, on the other hand, has been a key partner for India in the fields of oil and gas, renewable energy, and sustainable development. The country is a major investor in India’s renewable energy sector, and Goyal’s visit to Oslo is expected to focus on strengthening cooperation in this area. The two countries are also expected to discuss ways to enhance their trade and investment ties, including in the areas of IT, pharmaceuticals, and food processing.
The visit to Brussels will be significant, as it will provide an opportunity for Goyal to engage with the EU institutions and discuss ways to strengthen India’s trade and economic ties with the region. The EU is one of India’s largest trading partners, and the two sides have been engaged in discussions to strengthen their trade ties, including the conclusion of a comprehensive trade agreement.
The signing of the Trade and Economic Partnership Agreement between EFTA and India last year has created new opportunities for trade and investment between the two regions. The agreement has eliminated tariffs on a significant number of goods and services, and has also simplified customs procedures, making it easier for businesses to engage in trade and investment activities. Goyal’s visit to Brussels is expected to focus on building on this momentum and exploring ways to further strengthen economic ties between India and the EU.
In recent years, India has been actively engaged in strengthening its trade and economic ties with various regions around the world. The country has been pursuing a strategy of “re-orienting” its trade, which involves increasing trade with new markets and regions, while also strengthening its ties with traditional partners. The visits by Goyal to London, Oslo, and Brussels are a key part of this strategy, as they will provide an opportunity for the country to engage with key partners and explore new avenues for trade and investment.
The visits are also significant in the context of India’s efforts to diversify its economy and reduce its dependence on traditional sectors such as textiles and gems and jewelry. The country is aiming to become a major player in the global economy, and strengthening its trade and economic ties with other regions is critical to achieving this goal.
In conclusion, Goyal’s likely visits to London, Oslo, and Brussels this month are significant developments in India’s efforts to strengthen its trade and economic ties with key partners around the world. The visits are expected to provide an opportunity for the country to engage with key partners, explore new avenues for trade and investment, and build on the momentum created by the signing of the Trade and Economic Partnership Agreement between EFTA and India last year.
