Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a bid to further boost India’s trade and investment ties with the United Kingdom, 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. According to an official statement, the visit is aimed at strengthening economic ties with these key nations.
The visit is significant, given the recent signing of the Trade and Economic Partnership Agreement (TEPA) between the member states of the European Free Trade Association (EFTA) and India. The agreement, which came into effect in 2022, aims to promote bilateral trade and investment between the two sides.
During his visit, Goyal is expected to hold meetings with senior officials from the UK, Norway, and the European Union to discuss ways to enhance trade cooperation. He will also participate in various business events and conferences to promote Indian industry and commerce.
The UK is one of India’s largest trading partners, with bilateral trade valued at over $13 billion in 2020-21. The two nations have a strong partnership in areas such as finance, technology, and services. Norway, on the other hand, is an important player in the global energy sector, and India has been looking to strengthen its ties with the country in this area.
The European Union is India’s largest trading partner, accounting for over 15% of India’s total trade. The EU is also a significant investor in India, with investments worth over $80 billion in areas such as automotive, pharmaceuticals, and IT.
The upcoming visit is expected to focus on several key areas, including trade facilitation, customs procedures, and investment promotion. Goyal is also likely to discuss the ongoing trade tensions between India and the EU, as well as the implications of the UK’s exit from the EU on bilateral trade.
In a recent statement, the Ministry of Commerce and Industry said that the visit is aimed at “further strengthening economic ties with the UK, Norway, and the European Union, and to explore new opportunities for trade and investment.” The ministry also emphasized the importance of boosting exports to these countries, particularly in areas such as pharmaceuticals, textiles, and gems and jewelry.
The visit is expected to be a significant development in India’s efforts to strengthen its trade ties with the global community. In recent years, India has been actively pursuing trade agreements with key nations, including the EU, the US, and Australia.
In conclusion, Union Minister Piyush Goyal’s 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 several key areas, including trade facilitation, customs procedures, and investment promotion. As India looks to emerge as a major player in the global economy, the success of this visit will be crucial in achieving its goals.
