The visit to the Union Commerce and the Minister of Industry Piyush Goyal in London, Oslo and Brussels is expected to start a thrust on Monday to accelerate three main free trade agreements with the respective regions, sources said at NDTV Profit.
This happens at a time when India has pressure for higher technological access to the United States as part of trade transactions negotiations.
In London, Goyal should examine the progress of the India-UK trade agreement, which is currently at its last stages. Fourteen series of negotiations have been completed since January 2022, and no other negotiation series is planned for the moment.
Oslo will be critical because India and the European Free Trade Association (EFTA) – including Iceland, Liechtenstein, Norway and Switzerland – are preparing to operationalize the commercial and economic partnership agreement later this year. In this pact, Indian markets will see tasks reduced on products such as Swiss watches, chocolates and cut and polished diamonds.
In Brussels, Goyal will probably engage in talks aimed at advancing the Indian-EU FTA. Discussions can explore the possibility of an early harvest agreement before a complete pact.
Meanwhile, in parallel, India is pressure for greater technological access during its negotiations during bilateral trade agreement with the United States. India has requested parity with allies like Australia and the United Kingdom on technology transfer policies, especially in fields such as AI, semiconductors and quantum technology.
A team of Indian negotiators, led by the trade secretary, the designation of Rajesh Agarwal, went to Washington between April 23 and 26 to advance discussions on the bilateral trade agreement of India proposed, according to sources.
India and the United States have aimed to conclude the first phase of the BTA by the fall (September-October) of this year, with the aim of more than double bilateral trade at $ 500 billion by 2030, against around 191 billion dollars.
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