Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a bid to strengthen India’s trade and investment ties with the UK, 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. The official trip aims to further boost economic cooperation and explore new opportunities for bilateral trade and investment.
According to an official statement, the visit is scheduled to begin on April 28 and will last for five days. During his trip, Minister Goyal is likely to hold meetings with top officials from the UK, Norway, and the European Union to discuss trade and economic cooperation.
Last year, member states of the European Free Trade Association (EFTA) signed a Trade and Economic Partnership Agreement (TEPA) with India, marking a significant milestone in the country’s trade relations with the European region. The TEPA aims to enhance bilateral trade and investment between India and EFTA member states, which include Iceland, Liechtenstein, Norway, and Switzerland.
The upcoming visit is expected to focus on further strengthening these trade ties and exploring new opportunities for cooperation. Minister Goyal is likely to discuss with his counterparts ways to increase trade and investment between the two regions, as well as address any outstanding issues and concerns.
The visit to London is significant, as India and the UK have been working to strengthen their trade and investment relations in recent years. The UK’s departure from the European Union (Brexit) has created new opportunities for trade and investment between India and the UK, and the visit is likely to focus on cementing these ties.
In Oslo, Minister Goyal is likely to meet with Norwegian officials to discuss areas of cooperation, including trade and investment, renewable energy, and innovation. Norway is a significant trade partner for India, and the country has been a major player in India’s oil and gas sector.
The visit to Brussels will focus on India’s relations with the European Union, which has been a key trading partner for India. The EU is India’s largest trading partner, and the country exports a significant amount of goods and services to the region. The visit is likely to focus on strengthening this trade relationship and exploring new opportunities for cooperation.
India’s trade relations with the UK, Norway, and the European Union have been growing steadily in recent years. In 2020-21, India’s trade with the UK stood at $14.2 billion, while trade with Norway stood at $2.3 billion. India’s trade with the European Union stood at $84.5 billion in 2020-21, making it the country’s largest trading partner.
The upcoming visit by Minister Goyal is significant, as it comes at a time when India is looking to diversify its trade and investment relations with various regions of the world. The country has been working to strengthen its trade ties with the Asia-Pacific region, and the visit to London, Oslo, and Brussels is part of this effort.
In conclusion, Union Minister Piyush Goyal’s likely visit to London, Oslo, and Brussels is an important step towards strengthening India’s trade and investment ties with the UK, Norway, and the European Union. The visit is expected to focus on further boosting bilateral trade and investment, as well as exploring new opportunities for cooperation between the two regions.
