Piyush Goyal Kicks Off European Tour to Boost Trade Talks with the UK and Beyond

Minister Piyush Goyal Begins European Trade Mission

On Monday morning, Piyush Goyal, the Minister of Commerce and Industry, landed in London to commence a five-day tour that will also take him to Oslo and Brussels. The primary goal of this trip is to advance discussions on trade and investment with the UK and European nations.

Accompanied by a delegation of prominent Indian business leaders, Goyal is set to engage in a series of high-level discussions with UK government officials. A key meeting with his UK counterpart, Jonathan Reynolds, will focus on the ongoing negotiations for a Free Trade Agreement (FTA), which are believed to be nearing completion.

A spokesperson from the UK Department for Business and Trade emphasized the government's commitment to securing a beneficial deal for India that would enhance access for UK businesses, reduce tariffs, and simplify trade processes.

Negotiations, which resumed in February after a pause due to elections in both countries last year, aim to finalize an agreement that could significantly boost the existing GBP 41 billion annual trade relationship between India and the UK.

Goyal's visit follows Finance Minister Nirmala Sitharaman's recent trip to London, where she expressed optimism and a strong desire to finalize the FTA promptly.

Officials involved in the discussions report that progress has been swift, with many outstanding issues likely to be resolved at the ministerial level.

After his engagements in the UK, Goyal will head to Oslo to assess the status of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), which includes Norway, Iceland, Liechtenstein, and Switzerland.

The final segment of his European tour will take him to Brussels, where he will participate in discussions regarding ongoing trade negotiations with the European Union, which comprises 27 member states.

This visit follows European Commission President Ursula von der Leyen's trip to India in February, during which both parties expressed intentions to finalize a free trade agreement by the end of the year.