The Minister of Commerce, Piyush Goyal, is expected to visit London, Oslo and Brussels from April 28 to stimulate business ties with the United Kingdom, Norway and the EU. Visits are crucial to finalize the free trade agreements with the United Kingdom and the EU, and the implementation of the India-Efta agreement.
The five-day visit to these cities aims to further stimulate India’s commercial and investment links with the United Kingdom, Norway and the European Union, said the official.
London’s visit is essential because the negotiations for the free trade agreement proposed between India and the United Kingdom progress to the final stages, the two parties working to solve the remaining problems.
Sources have indicated that now another complete series of negotiations with the United Kingdom is unlikely because discussions are progressing at a faster rate.
The visit to Oslo is gaining importance while India has signed a complete free trade agreement with the European Nation EFTA block in March of last year. It should be implemented this year.
The members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland. The two parties signed the Commercial and Economic Partnership Agreement (TEPA) on March 10, 2024.
As part of the Pact, India has received an investment commitment of USD 100 billion in 15 years from the group while granting several products such as Swiss watches, chocolates and cut and polished diamonds to lower or zero duties.
On the other hand, the talks are also progressing at a faster rate for a commercial agreement with the European Union of the 27 country block (EU).
India and the block of 27 countries explore the possibility of discussing an early harvest agreement before going for a complete pact.
The 11th cycle of negotiations between the two parties is planned from May 12 to 16 here.
In February, Prime Minister Narendra Modi and the president of the European Commission Ursula von der Leyen agreed to conclude the free trade agreement by the end of this year.
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