Mr. Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles in the Government of India, is scheduled to visit the United Kingdom today and 11th July 2023. The purpose of this visit extends beyond the ongoing negotiations regarding the Free Trade Agreement (FTA) between India and the UK.
Additionally, the Minister will engage in discussions with ministers representing member countries of the European Free Trade Association (EFTA) to assess the advancements made in the Trade and Economic Partnership Agreement (TEPA) with EFTA.
In light of India and the UK’s shared goal to enhance their economic relations and look into new trade prospects, this visit is of utmost significance. The goal of the visit is to advance the discussions and establish the foundation for a thorough and advantageous agreement at this important juncture in the Free Trade Agreement (FTA) negotiations. In addition to promoting economic growth, such an agreement would strengthen ties between India and the UK.
As part of the visit, the Commerce and Industry Minister will participate in significant meetings with his UK counterparts, including the Secretary of State for International Trade, and representatives from diverse sectors and industries.
These meetings will serve as a platform to discuss the essential priorities and goals of the Free Trade Agreement (FTA) negotiations. The discussions will center around the elimination of trade barriers, the encouragement of investments, and the promotion of enhanced cooperation in key areas such as technology, innovation, and intellectual property rights.
On top of that, the Minister will attend discussions with ministers and representatives from Switzerland, Norway, Iceland, and Liechtenstein, which are EFTA members. These gatherings are held with the intention of assessing the progress made in the ongoing discussions of the Trade and Economic Partnership Agreement (TEPA) with EFTA.
The TEPA aims to boost trade and economic cooperation between India and EFTA members by fostering an environment that encourages increased investments, reduced trade obstacles, and improved market access.
The Indian government’s commitment to actively collaborating with international partners and looking for opportunities for economic progress is highlighted by the visit of the minister of commerce and industry.
It also demonstrates a commitment to forging strong, mutually beneficial trade alliances that will be favourable for the economies of the UK and India. Additionally, it highlights the dedication to promoting the general prosperity and wellbeing of the people of both countries.
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