“The minister’s visit will not only be focused on the ongoing FTA negotiations between India and the UK but he will also be meeting with ministers from the EFTA member countries to discuss the progress of the Trade and Economic Partnership Agreement (TEPA) with EFTA,” the commerce and industry ministry said in a statement.
As per the statement, 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,” it said.
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.India and the UK have completed ten rounds of talks and the pact will cover 26 policy areas. Investment is being negotiated as a separate agreement but both would get simultaneously concluded.The bilateral trade between the countries increased to $20.36 billion in FY23 from $17.5 billion in FY22.
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 which aims to enhance trade and economic cooperation, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access, according to the statement.
