Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a significant development, Union Minister Piyush Goyal is set to embark on a five-day visit to London, Oslo, and Brussels, starting from April 28. The visit is aimed at strengthening India’s trade and investment ties with the UK, Norway, and the European Union. This trip is expected to be a crucial step in furthering India’s economic relations with these key partners.
According to an official statement, Goyal’s visit is scheduled to begin on April 28 and will last for five days. The Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Goyal is expected to meet with senior officials and business leaders from these countries to discuss ways to enhance bilateral trade and investment.
Goyal’s visit comes at a time when India is looking to expand its trade ties with the European Union. Last year, member states of the European Free Trade Association (EFTA) and India signed the Trade and Economic Partnership Agreement (TEPA). The agreement aims to promote trade and investment between the two regions by reducing tariffs and other obstacles.
The TEPA agreement is a significant milestone in India’s trade relations with the European Union. The agreement covers a wide range of areas, including trade in goods, services, and investment. It also provides for cooperation in areas such as intellectual property, competition policy, and public procurement.
Goyal’s visit to London, Oslo, and Brussels is expected to focus on building on the progress made under the TEPA agreement. The Union Minister is likely to discuss ways to increase trade and investment between India and the European Union, and to identify new areas for cooperation.
The UK is one of India’s largest trading partners in the European Union. Last year, bilateral trade between the two countries stood at over $13 billion. In 2020, the UK was India’s fifth-largest trading partner, accounting for around 6% of India’s total trade.
Norway, on the other hand, is a key player in the European Union’s trade policy. As a member of the EFTA, Norway is part of the EU’s single market and customs union, but is not a full member of the EU. India and Norway have been exploring ways to increase trade and investment between the two countries, and Goyal’s visit is expected to provide a boost to these efforts.
Brussels, the capital of Belgium, is the seat of the European Union’s institutions. Goyal’s visit to Brussels is likely to focus on strengthening India’s relations with the EU and identifying new areas for cooperation.
Goyal’s visit to London, Oslo, and Brussels is a significant development in India’s trade and economic relations with the European Union. The visit is expected to provide a boost to India’s exports to the region and to increase investment flows between the two sides.
The visit is also likely to provide an opportunity for Goyal to discuss key trade and economic issues with his European counterparts. These issues may include the impact of the COVID-19 pandemic on trade and economic relations between India and the European Union, and ways to address the challenges posed by the pandemic.
In conclusion, Goyal’s visit to London, Oslo, and Brussels is an important step in strengthening India’s trade and economic ties with the European Union. The visit is expected to provide a boost to India’s exports to the region and to increase investment flows between the two sides. It is also likely to provide an opportunity for Goyal to discuss key trade and economic issues with his European counterparts.
