Goyal May Visit London, Oslo & Brussels this Month for Trade Deals
In a move aimed at further strengthening India’s trade and investment ties with the UK, Norway, and the European Union, 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 expected to be a significant step towards boosting bilateral trade and investment between India and these nations.
According to an official statement, the visit is scheduled to begin on April 28 and will last until May 3. During this period, Goyal, who is also the Minister of Commerce and Industry, will hold a series of meetings with his counterparts in the UK, Norway, and the European Union to discuss ways to enhance trade and investment ties.
The visit comes at a time when India is looking to diversify its trade basket and reduce its dependence on traditional markets such as the United States and the European Union. In recent years, India has been making efforts to strengthen its trade ties with other regions, including the Asia-Pacific and Africa.
Last year, India and the member states of the European Free Trade Association (EFTA) – Norway, Iceland, Switzerland, and Liechtenstein – signed a Trade and Economic Partnership Agreement (TEPA). The agreement aims to promote economic cooperation between the two sides and increase trade and investment flows.
During his visit, Goyal is expected to discuss ways to further implement the TEPA and explore new areas of cooperation between India and the EFTA countries. He will also meet with business leaders and industry representatives to discuss investment opportunities and ways to increase trade between the two sides.
The UK is an important trade partner for India, and the two countries have been working to strengthen their trade ties in recent years. In 2020, India and the UK signed a comprehensive trade agreement, which aims to increase trade between the two countries by £23 billion by 2025.
Norway is another important trade partner for India, and the two countries have been cooperating in areas such as oil and gas, renewable energy, and fisheries. India is also looking to increase its trade ties with Norway in areas such as IT, pharmaceuticals, and textiles.
The European Union is a significant trade partner for India, and the two sides have been working to strengthen their trade ties in recent years. In 2020, India and the EU signed a trade agreement, which aims to increase trade between the two sides by €20 billion by 2025.
The visit by Goyal is expected to be a significant step towards achieving these goals and further strengthening India’s trade and investment ties with the UK, Norway, and the European Union. The Indian government is looking to increase its trade with these countries and reduce its dependence on traditional markets.
In recent years, India has been making efforts to diversify its trade basket and reduce its dependence on traditional markets. The country has been negotiating trade agreements with several countries, including the United States, the European Union, and the Association of Southeast Asian Nations (ASEAN).
The visit by Goyal is also expected to be a significant step towards implementing the Indian government’s vision of making the country a major trading nation. The government has set a target of increasing India’s trade to $1 trillion by 2025 and making the country a major player in global trade.
In conclusion, the visit by Union Minister Piyush Goyal to London, Oslo, and Brussels is expected to be a significant step towards further strengthening India’s trade and investment ties with the UK, Norway, and the European Union. The visit is expected to lead to increased trade and investment flows between the two sides and further implementation of the Trade and Economic Partnership Agreement signed last year.
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