Ministry of Commerce & Industry

Union Commerce and Industry Minister to visit UK for FTA negotiations; to review progress on TEPA with EFTA

Posted On: 09 JUL 2023 12:50PM by PIB Delhi

Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Shri Piyush Goyal, is scheduled to visit the UK from 10th-11th July 2023. The Minister's visit will not only be focused on the ongoing Free Trade Agreement (FTA) negotiations between India and the UK but he will also be meeting with ministers from the European Free Trade Association (EFTA) member countries to discuss the progress of the Trade and Economic Partnership Agreement (TEPA) with EFTA.

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.

During the visit, the Commerce and Industry 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.

Furthermore, the Minister 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 with EFTA. The TEPA aims to enhance trade and economic cooperation between India and the EFTA member countries, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access.

The visit of the Commerce and Industry Minister underscores the commitment of the Indian government to actively engage with its international partners and explore opportunities for economic growth and development. It reflects the determination to forge strong and mutually beneficial trade relationships that will not only benefit the economies of both India and the UK but also contribute to the overall prosperity and welfare of their respective citizens.

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