Piyush Goyal Likely To Embark On Europe Visit On Monday With Focus On Three Free Trade Pacts

Union Commerce and Industry Minister Piyush Goyal's visit to London, Oslo, and Brussels is set to begin on Monday in a push to fast-track three major free trade agreements with the respective regions, sources told NDTV Profit.

This comes at a time when India has pushed for greater tech access from the US as part of the trade deal negotiations.

In London, Goyal is expected to review the progress of the India-UK trade deal, which is currently in its final stages. Fourteen rounds of negotiations have been completed since January 2022, and no further negotiation rounds are scheduled for now.

Oslo will be critical as India and the European Free Trade Association (EFTA) — comprising Iceland, Liechtenstein, Norway, and Switzerland — are preparing to operationalise the Trade and Economic Partnership Agreement later this year. Under this pact, Indian markets will see reduced duties on products like Swiss watches, chocolates, and cut and polished diamonds.

In Brussels, Goyal will likely engage in talks aimed at progressing the India-EU FTA. Discussions may explore the possibility of an early harvest agreement ahead of a full pact.

Meanwhile, in parallel, India is pushing for greater technology access during its ongoing Bilateral Trade Agreement negotiations with the US. India has sought parity with allies like Australia and the UK on tech transfer policies, especially in areas like AI, semiconductors, and quantum technology.

A team of Indian negotiators, led by Commerce Secretary-designate Rajesh Agarwal, traveled to Washington between April 23-26 to advance discussions on the proposed India-US Bilateral Trade Agreement, according to sources.

India and the US have targeted to conclude the first phase of the BTA by the fall (September-October) of this year, with an aim to more than double the bilateral trade to $500 billion by 2030, from about $191 billion currently.