2 weeks Ago By Moneycontrol
Commerce and Industry Minister Piyush Goyal’s likely visits to London, Oslo, and Brussels are expected to begin on April 28, an official said. The five-day visit to these cities is aimed at further boosting India’s trade and investment ties with the UK, Norway, and the European Union, the official said. The London visit is key as negotiations for the proposed free trade agreement between India and the UK are progressing towards the final stages, with both sides working to resolve the remaining issues.
Sources have indicated that another full round of negotiations with the UK is now unlikely, as discussions are progressing at a faster pace. The visit to Oslo assumes significance as India signed a comprehensive free trade agreement with the four-nation European bloc EFTA in March last year. It is expected to be implemented this year.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion over 15 years from the grouping, while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.
On the other hand, talks are also progressing at a faster pace for a trade agreement with the 27-nation European Union (EU). India and the EU are exploring the possibility of discussing an early harvest agreement before finalising a comprehensive pact. The 11th round of negotiations between the two sides is scheduled from May 12–16 in New Delhi.
In February, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal the free trade deal by the end of this year..
