Minister Goyal's European Trade Mission

Commerce and Industry Minister Piyush Goyal is set to visit two European nations to enhance trade and investment. This visit aligns with India's existing comprehensive free trade agreement with EFTA. India has secured an investment promise of USD 100 billion under this agreement, benefiting multiple sectors.

Commerce and Industry Minister Piyush Goyal is poised to embark on a crucial visit to two European countries later this month, aiming to augment trade and investment relations. According to an official source, Goyal will head a business delegation to these strategic partners.

This upcoming visit is especially significant due to India's recent comprehensive free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland, signed last year and expected to take effect in the current year. The Trade and Economic Partnership Agreement with EFTA promises India an investment influx of USD 100 billion over 15 years, alongside reduced tariffs on products like Swiss watches and chocolates.

India has established a dedicated EFTA desk to promote trade and investment facilitation. Concurrently, India is progressing towards trade agreements with the European Union (EU) and the United Kingdom, with discussions moving at a swift pace.

(With inputs from agencies.)