Piyush Goyal To Visit UK For FTA Negotiations; To Also Review Progress On Trade And Economic Partnership With EFTA

Union Minister of Commerce and Industry Piyush Goyal is set to embark on a two-day visit to United Kingdom, beginning from today.

Goyal's two-day visit to UK from 10-11 July 2023 will not only be focused on the ongoing Free Trade Agreement (FTA) negotiations between India and the UK but also on the progress of trade pact with European Free Trade Association (EFTA) members.

He will be meeting with ministers from the European Free Trade Association (EFTA) member countries to discuss the progress of the Trade and Economic Partnership Agreement (TEPA) with EFTA.

"The visit comes at a crucial juncture, as both India and the UK are committed to expanding their economic ties and exploring avenues for enhanced bilateral trade. 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," the Ministry of Commerce and Industry said in a statement on Sunday (9 July).

During the visit, the Commerce and Industry 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," the ministry said.

Furthermore, Goyal will also meet with ministers and officials from the EFTA member countries, (Switzerland, Norway, Iceland, and Liechtenstein), to assess the progress made in the ongoing negotiations of the TEPA with EFTA.

The TEPA aims to enhance trade and economic cooperation between India and the EFTA member countries, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access, according to the ministry.