Commerce and Industry Minister Piyush Goyal is set to embark on a visit to the United Kingdom from July 10-11, with the aim of assessing the progress of negotiations for a free trade agreement (FTA) between the two nations. The primary focus of the Minister’s visit will be on the ongoing FTA discussions between India and the UK.
Goyal will also engage in talks with ministers representing the member countries of the European Free Trade Association (EFTA) to review the advancement of a trade pact.
This visit assumes significance as both India and the UK are committed to strengthening their economic ties and exploring opportunities for enhanced bilateral trade.
The discussions during the visit are expected to contribute towards fostering a favorable environment for increased economic cooperation between the two countries.
“With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two nations,” PTI quoted the official statement as reading.
During the visit, the minister will engage in high-level meetings with his UK counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries.
“These meetings will provide an opportunity to discuss the key priorities and objectives of the FTA negotiations, with a focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights,” it said.
In addition to his visit to Switzerland, Commerce and Industry Minister Piyush Goyal will hold meetings with ministers and officials from the European Free Trade Association (EFTA) member countries, namely Switzerland, Norway, Iceland and Liechtenstein.
The objective of these meetings is to evaluate the advancements achieved thus far in the ongoing negotiations of the Trade and Economic Partnership Agreement (TEPA).
The TEPA seeks to bolster trade and economic collaboration between India and the EFTA member nations. The agreement aims to create a favorable environment that promotes higher investments, diminishes trade obstacles, and facilitates increased market access for all parties involved.
Negotiations for a trade agreement between India and the UK were launched on January 13, 2021.
(With PTI inputs)
Download The Mint News App to get Daily Market Updates.
More
Less
Updated: 09 Jul 2023, 03:16 PM IST
For all the latest world News Click Here
