Piyush Goyal to lead business delegation to Europe from July 13; aims to boost trade, investment ties

Speaking about India's expanding network of trade agreements, Goyal said the FTAs signed have opened up new opportunities for Indian businesses.

"The Free Trade Agreements signed by India with developed nations under the leadership of Prime Minister Narendra Modi have opened up immense export potential for India's industrial sector, farmers, fishermen, and MSMEs, while also creating new employment opportunities," the minister said.

Highlighting the implementation of the India-UK FTA, Goyal said, "The Free Trade Agreement with the UK is set to come into effect on the 15th, allowing goods from India to be exported at zero duty."

Goyal also referred to the proposed India-European Union Free Trade Agreement, saying, "A Free Trade Agreement with the 27 nations of the European Union was finalised during a meeting between the Prime Minister and the President of the European Union on January 27th."

Announcing his Europe visit, Goyal said, "I am embarking on a visit to four of these countries next week, leading a business delegation to explore new opportunities for Indian exporters."

He said the delegation includes companies of all sizes from diverse sectors. "A large business delegation--comprising companies of all sizes and representatives from diverse sectors--is participating in this visit."

According to a statement issued by the Ministry of Commerce and Industry, Goyal's visit to Spain, Belgium and Finland "underscores India's commitment to strengthening economic partnerships across Europe, with a focus on trade, investment, technology, innovation and sustainability."

The ministry said the delegation comprises leading Indian companies from sectors including advanced manufacturing, clean energy, digital technologies, gems and jewellery, food processing, healthcare and design.

In Brussels, Goyal will co-chair the third India-EU Trade and Technology Council (TTC) Ministerial Meeting alongside External Affairs Minister S Jaishankar and Minister of State for Electronics and Information Technology Jitin Prasada. The ministry described the India-EU TTC as "the highest institutional mechanism for cooperation on trade, trusted technology and economic security."

Referring to the council, Goyal said, "We have a 'Trade and Technology Council' mechanism with the European Union to resolve trade-related issues and forge new technology partnerships; a meeting of this council is scheduled to take place in Brussels on the 14th and 15th."

The ministry said the visit comes at "a significant juncture in India-EU relations," with both sides committed to strengthening economic cooperation and working towards the early implementation of the India-EU Free Trade Agreement. It added that the visit is expected to give fresh momentum to trade and investment ties, while expanding collaboration in emerging technologies, clean energy, innovation and advanced manufacturing. (ANI)