Goyal May Visit London, Oslo & Brussels This Month for Trade Deals
As the world continues to navigate the complexities of international trade, India is taking proactive steps to strengthen its economic ties with key nations. In a significant development, Union Minister Piyush Goyal is set to embark on a five-day visit to London, Oslo, and Brussels, commencing from April 28. The trip is aimed at consolidating India’s trade and investment relationships with the United Kingdom, Norway, and the European Union.
According to an official statement, Goyal’s visit is expected to focus on boosting bilateral trade and investment between India and these nations. The trip is also seen as an opportunity to build on the momentum generated by 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.
The TEPA, which came into effect in July 2020, has helped to streamline trade between the two regions, reducing tariffs and non-tariff barriers to increase trade and investment flows. The agreement has also facilitated greater cooperation in areas such as services, intellectual property, and public procurement.
During his visit, Goyal is likely to meet with key officials and business leaders in each of the three cities to discuss ways to further strengthen trade and investment ties. The visit is also expected to focus on exploring new areas of cooperation, including in the fields of technology, innovation, and sustainability.
India’s trade and investment ties with the UK, Norway, and the EU are significant, with bilateral trade between India and the EU valued at over $80 billion in 2020. The UK is also one of India’s largest trading partners, with bilateral trade valued at over $15 billion in 2020.
Goyal’s visit is seen as a crucial step in deepening India’s economic engagement with these key partners. The trip is expected to build on the momentum generated by the TEPA and explore new areas of cooperation to further boost trade and investment between India and these nations.
In recent years, India has made significant strides in strengthening its trade and investment ties with key nations. The country has signed numerous free trade agreements (FTAs) and pacts with nations such as the United States, Australia, and the ASEAN bloc, aimed at increasing trade and investment flows and promoting economic cooperation.
India’s trade and investment ties with the UK are particularly significant, with the two nations sharing a strong historical and cultural bond. The UK is one of India’s largest trading partners, with bilateral trade valued at over $15 billion in 2020.
Norway, too, is an important partner for India, with bilateral trade valued at over $2 billion in 2020. The two nations have a strong partnership in areas such as offshore oil and gas exploration, renewable energy, and innovation.
The EU is also a key partner for India, with bilateral trade valued at over $80 billion in 2020. India has a special trade relationship with the EU, which allows for duty-free trade in goods and services.
In conclusion, Union Minister Piyush Goyal’s visit to London, Oslo, and Brussels is a significant step in deepening India’s trade and investment ties with these key nations. The trip is expected to build on the momentum generated by the TEPA and explore new areas of cooperation to further boost trade and investment between India and these nations.
