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 purpose of this visit is to strengthen India’s trade and investment ties with the United Kingdom, Norway, and the European Union. This trip is expected to further boost the economic cooperation between the countries, particularly after the signing of the Trade and Economic Partnership Agreement (TEPA) between member states of the European Free Trade Association (EFTA) and India last year.
According to an official, Goyal’s visit to these cities is aimed at exploring new opportunities for trade and investment, as well as discussing ways to address the existing challenges in the trade relationship. The Minister is scheduled to hold meetings with high-level officials from the UK, Norway, and the EU to discuss various issues related to trade, commerce, and investment.
The UK, being one of India’s largest trading partners, is expected to feature prominently in Goyal’s itinerary. The two countries have a significant trade relationship, with bilateral trade valued at over $12 billion in 2020-21. The UK is also one of the largest investors in India, with investments worth over $20 billion in various sectors such as finance, pharmaceuticals, and technology.
Goyal’s visit to Oslo is expected to focus on strengthening ties with Norway, which is a key player in the EFTA. Norway is a significant investor in India, particularly in the oil and gas sector, and has been a consistent supporter of India’s bid to join the EFTA. The two countries have also been cooperating closely in areas such as renewable energy, education, and research.
The Brussels leg of Goyal’s visit will concentrate on deepening India’s ties with the European Union. The EU is India’s largest trading partner, accounting for over 15% of India’s total trade. The two sides have been working towards a comprehensive trade agreement, which would cover a wide range of areas such as goods, services, and investment.
Goyal’s visit comes at a time when India is looking to diversify its trade relationships and reduce its dependence on a few major trading partners. The country has been actively pursuing free trade agreements (FTAs) with various countries and regions, including the EU, the UK, and the Association of Southeast Asian Nations (ASEAN).
The TEPA signed between EFTA member states and India last year is expected to provide a significant boost to bilateral trade. The agreement aims to increase trade between the two sides by reducing tariffs and non-tariff barriers, as well as promoting cooperation in areas such as investment, innovation, and sustainable development.
Goyal’s visit is also expected to focus on addressing the challenges faced by Indian businesses in the UK and Norway. Indian companies have been facing difficulties in accessing markets and obtaining necessary clearances in these countries, which has hindered their growth and expansion.
In conclusion, Goyal’s visit to London, Oslo, and Brussels is expected to be a significant milestone in strengthening India’s trade and investment ties with the UK, Norway, and the EU. The Minister’s meetings with high-level officials from these countries will provide an opportunity to discuss new trade agreements, address existing challenges, and explore new areas of cooperation.
