Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a significant move to boost India’s trade and investment ties with key global partners, Union Minister Piyush Goyal is likely to embark on a five-day visit to London, Oslo, and Brussels starting from April 28. The trip, which is expected to be a crucial one, aims to further strengthen India’s economic ties with the United Kingdom, Norway, and the European Union.
According to an official, the visit is scheduled to begin on April 28 and will last for five days. During this period, Goyal is expected to engage in a series of high-level meetings with government officials, business leaders, and diplomats to discuss ways to enhance bilateral trade and investment relations.
India’s trade ties with the UK, Norway, and the EU have been growing steadily in recent years. In fact, last year, member states of the European Free Trade Association (EFTA) and India signed a Trade and Economic Partnership Agreement (TEPA), which aims to promote trade and investment between the two sides. The TEPA is expected to facilitate the exchange of goods and services, including textiles, pharmaceuticals, and IT products.
Goyal’s visit to London, Oslo, and Brussels is seen as a significant development in this context. The Union Minister is expected to use this opportunity to hold talks with his counterparts in these countries to explore ways to increase bilateral trade and investment. He is also likely to meet with business leaders and industry experts to discuss potential areas of cooperation and investment.
The UK is one of India’s largest trading partners in Europe, with bilateral trade worth over $10 billion in 2020. Norway, on the other hand, is a key player in the EFTA, which comprises Iceland, Liechtenstein, and Switzerland, apart from Norway. The EFTA countries together account for a significant share of India’s trade with the EU.
The EU is India’s largest trading partner, with bilateral trade worth over $80 billion in 2020. India’s trade with the EU is diverse, with major exports including textiles, pharmaceuticals, and IT products. The EU, on the other hand, is a major importer of Indian goods such as textiles, spices, and coffee.
Goyal’s visit to London, Oslo, and Brussels is also expected to focus on areas such as infrastructure development, energy cooperation, and innovation. The Union Minister is likely to hold talks with his counterparts on ways to enhance cooperation in these areas, which could lead to significant investments and job creation in India.
In recent years, India has been actively pursuing a strategy of diversifying its trade and investment ties with key global partners. The country has been negotiating free trade agreements (FTAs) with several countries, including the EU and the UK, to boost its exports and attract foreign investment.
Goyal’s visit to London, Oslo, and Brussels is a significant development in this context. The Union Minister’s engagements with government officials, business leaders, and diplomats are expected to lead to concrete outcomes in terms of increased trade and investment between India and these countries.
As India looks to further strengthen its economic ties with key global partners, Goyal’s visit to London, Oslo, and Brussels is a significant step in the right direction. The country’s trade and investment ties with the UK, Norway, and the EU are likely to play a crucial role in India’s economic growth and development in the years to come.
