Union Minister of Commerce and Industry Mr. Piyush Goyal is set to travel to Switzerland on Sunday, July 14, 2024, to meet with investors, in line with the US$ 100 billion investment commitment under the India-European Free Trade Association (EFTA) trade deal signed earlier this year. The trade agreement between EFTA and India was signed in March after 16 years of negotiations, involving 21 rounds. Under the trade agreement, EFTA nations have made an investment commitment of US$ 50 billion within ten years and an additional US$ 50 billion in the next five years. For this foreign direct investment (FDI) to materialize, India’s nominal gross domestic product (GDP) needs to grow around 9.5% in dollar terms over the next 15 years. His visit will involve industry interaction to discuss ways to kick-start these investments, as the US$ 100 billion cannot happen overnight.
In addition to the EFTA trade deal, the minister also discussed the progress of the India-United Kingdom (UK) free-trade agreement. He stated that the Indian government and the UK’s Labour Party are “deeply committed” to signing the agreement. The negotiations between India and the UK have been ongoing for two and a half years. Both sides were previously looking to seal the deal in July after a new government formed in New Delhi following the general elections. However, an early election in the UK further delayed the process. With Mr. Keir Starmer’s recent victory as the UK’s Prime Minister, there are renewed hopes for the long-pending India-UK trade deal.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.