Goyal may visit London, Oslo & Brussels this month for trade deals
In a significant move to further boost India’s trade and investment ties with the UK, Norway, and the European Union, Union Minister Piyush Goyal is set to embark on a five-day visit to London, Oslo, and Brussels starting from April 28. The official announcement has sparked optimism among trade experts and business leaders, who believe that this visit will pave the way for increased economic cooperation and deal-making between India and these key partners.
According to an official, Goyal’s visit is aimed at strengthening bilateral trade and investment ties with the UK, Norway, and the European Union. The trip is expected to focus on discussions with government officials, business leaders, and industry experts to explore new opportunities for collaboration in areas such as trade, investment, and technology.
Last year, member states of the European Free Trade Association (EFTA) and India signed the Trade and Economic Partnership Agreement (TEPA), which marked a significant milestone in the bilateral trade relationship. The TEPA is a comprehensive agreement that aims to enhance trade and investment between India and the EFTA countries, which include Iceland, Liechtenstein, Norway, and Switzerland.
Goyal’s visit is seen as a follow-up to the TEPA agreement, with the aim of taking the relationship to the next level. The Union Minister is expected to meet with his counterparts in the UK, Norway, and the European Union to discuss ways to increase trade and investment between the two sides.
One of the key areas of focus during Goyal’s visit is likely to be the UK’s departure from the European Union, commonly known as Brexit. India and the UK have a strong trade relationship, and the Union Minister’s visit will provide an opportunity to discuss the implications of Brexit on trade and investment between the two countries.
In recent years, India and the UK have been working to increase trade and investment ties. In 2019, the UK and India signed a Memorandum of Understanding (MoU) to increase bilateral trade to £23 billion (approximately Rs. 2.3 lakh crore) by 2030. The MoU also aimed to increase investment flows between the two countries and promote cooperation in areas such as technology, healthcare, and education.
Goyal’s visit to Oslo is also expected to focus on strengthening trade and investment ties with Norway. Norway is an important partner for India in the Nordic region, and the two countries have a strong relationship in areas such as trade, energy, and education. Norway is also a key player in the EFTA, and Goyal’s visit will provide an opportunity to discuss ways to increase cooperation between India and Norway in areas such as trade and investment.
The visit to Brussels, the capital of the European Union, is likely to focus on strengthening ties with the EU as a whole. The EU is India’s largest trading partner, and the two sides have a comprehensive trade agreement in place. Goyal’s visit will provide an opportunity to discuss ways to increase trade and investment between India and the EU, as well as to explore new areas of cooperation.
In conclusion, Union Minister Piyush Goyal’s visit to London, Oslo, and Brussels is a significant development in India’s trade and investment relations with the UK, Norway, and the European Union. The visit is expected to focus on strengthening bilateral trade and investment ties, exploring new areas of cooperation, and taking the relationship to the next level. With India’s economic growth story continuing to unfold, Goyal’s visit is likely to have a positive impact on the country’s trade and investment landscape.
