Piyush Goyal likely to visit Europe this month

New Delhi, Commerce and Industry Minister Piyush Goyal is likely to visit two European countries later this month with an aim to further boost trade and investment ties, an official has said. The minister is expected to lead a business delegation to these countries, the official said.

The visit assumes significance as India signed a comprehensive free trade agreement with the four European nation bloc EFTA in March last year. It is expected to be implemented this year.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.

Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

India has set up a dedicated platform EFTA desk to promote trade, investment, and business facilitation between the two regions. On the other hand, talks are also progressing at a faster pace for a trade agreement with the 27-nation bloc European Union (EU) and the United Kingdom.