The visit of five days of commerce and industry Piyush Goyal to London, Oslo and Brussels to strengthen the commercial and investment relations of India with the United Kingdom, Norway, and the European Union is expected in early April 28, according to a senior official.
The London stage of the visit is intended to conclude the negotiations for the commercial agreement of proposing between India and the United Kingdom, since the conversations have entered the last lap, said the official.
The visit to Oslo is in the context of India after signing a comprehensive free trade agreement with the EFTA of European bloc of four nations in March last year. It is expected to be implemented this year. The European Free Trade Association (EFT) includes Iceland, Liechtenstein, Norway and Switzerland.
The two parties signed the Commercial and Economic Association Agreement (TEPA) in March, last year. India has received an investment of an investment of $ 100 billion about 15 years from the group, while allowing products such as Swiss watches, chocolates and diamonds cut and polished from the region to enter the country with lower or zero tasks as part of the agreement.
The negotiations have also obtained impulse for a commercial agreement with the European Union of 27 nations (EU). India and the EU are exploring the possibility of an early harvest agreement before finishing an integral pact. The eleventh round of negotiations between the two parties is scheduled from May 12 to 16 in New Delhi.
Goyal had said earlier this month that concrete steps are needed to eliminate existing commercial barriers to accelerate conversations to sign a free trade agreement (FTA) between India and the European Union.
The minister stressed that both parties need a deeper understanding of the barriers that retain the agreement, since there is enormous potential to grow from the current bilateral commercial level of $ 15 billion.
He also emphasized the need to promote investments between India and Italy and allow companies to trade with each other without obstacles.
Prime Minister Narendra Modi and the president of the European Commission, Ursula von der Leyen, agreed to accelerate the conclusion of the Indian Free Trade Agreement (FTA) by the end of the year at a meeting held in Delhi last month.
The visit of the EU president occurred in the context of the massive tariff walks that propose against all countries by the president of the United States, Donald Trump, under his policy of ‘First America’, which threatens to interrupt global trade and increase uncertainty.
Prime Minister Modi and the president of the European Commission promised to assign their respect to negotiate teams to seek negotiations for a balanced, ambitious and mutual BCT.
Authorities were asked to work as trusted partners to improve market access and eliminate commercial barriers. They were also responsible for advancing in negotiations on an agreement on investment protection and an agreement on geographical indications.
However, reaching an agreement will be complex, with significantly sought -after concessions on both sides in areas ranging from cars and whiskey to pharmaceutical and textile products.
The EU wants India to reduce tariffs on cars, wine and whiskey, as well as some agricultural products. India, on the other hand, wants greater access to the market and lower rates for key exports, including pharmaceutical products, textiles and clothing.
The EU is the largest commercial partner in India, which represents 124 billion euros of goods in 2023, or 12.2 percent of the total trade of India. The services between the EU and India reached almost 60 billion euros in 2023, almost twice the level in 2020. One third of them were digital services, according to the figures compiled by the World Economic Forum.
The trade between India and the EU has grown by about 90 percent in the last decade, but conversations on a free trade pact have stagnated over the years due to the acute differences between India and the block of 27 nations in agriculture, motorcycles and pharmaceutical products.