Piyush Goyal Set to Ignite India-Europe Trade Boom with Strategic Visit This April

Commerce and Industry Minister Piyush Goyal will visit two European countries later in this month in an attempt to boost trade and investment relations. The visit is tracking India's historic Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) states—Iceland, Liechtenstein, Norway, and Switzerland—signed in March 2024. The agreement provides a promise of investment worth $100 billion to India in 15 years and reduced tariffs on valuable European products like Swiss chocolates and watches.

 

Goyal will lead a business delegation to boost bilateral prospects and operationalise the EFTA agreement, to be implemented this year. The visit also comes at the same time as the ongoing, expedited negotiations for free trade agreements with the European Union and the United Kingdom. India has established a specialized EFTA desk to facilitate business and investment, underlining the government's initiatives to diversify export markets and strengthen economic ties with Europe.

 

Source: Business Standard, Economic Times, Rediff Money