New Delhi: Commerce and Industry Ministry Piyush Goyal on Wednesday held a meeting with Sabine Monauni, Deputy Prime Minister and Minister of Foreign Affairs of Liechtenstein, on strengthening economic ties between the two countries.
“We discussed opportunities for trade expansion, innovation and clean technology, and explored ways to deepen our mutually beneficial ties, especially after the operationalisation of the India-EFTA TEPA,” Goyal said in a post on X social media platform.
“Emphasised the unique partnership, where India brings talent, scale and demand, and Liechtenstein contributes high-value manufacturing and specialised engineering, offers significant scope to accelerate trade, investment, and technology flows,” the minister added.
The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) will officially become operational on October 1, with the four-nation bloc comprising Switzerland, Norway, Iceland and Liechtenstein.
Under the agreement, the European bloc has committed an investment of $100 billion over a period of 15 years which would facilitate the creation of one million direct jobs in India.
Goyal has gone for an official visit to Europe, and will be in Brussels for two-day trade talks in a decisive push toward concluding the India-EU Free Trade Agreement (FTA), according to an official statement issued on Tuesday.
The visit underscores the intensifying diplomatic and technical engagements between New Delhi and Brussels, the statement said.
India is pushing for zero-duty access for its labour-intensive sectors — such as textiles, leather, apparel, gems and jewellery, and handicrafts.
Goyal is set to hold high-level dialogues with the European Union’s Commissioner for Trade and Economic Security, Maros Sefcovic. The primary objective of these interactions is to provide strategic guidance to the negotiating teams, resolve pending issues, and expedite the conclusion of a balanced and ambitious agreement.
The leaders are expected to carry out detailed deliberations across key areas of the proposed agreement, aiming to narrow divergences and ensure clarity on outstanding matters. The Ministerial engagement follows a week of intensive deliberations in Brussels, building upon the groundwork laid during high-level discussions held earlier this week between India’s Commerce Secretary Rajesh Agrawal, and the Director-General for Trade of the European Commission, Sabine Weyand.
Both India and the EU have expressed strong political resolve to deliver a comprehensive deal. The upcoming talks are expected to reaffirm the commitment of both sides to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs while integrating Indian industries into global supply chains, the statement added.
The European Union is currently India’s largest trading partner and a key investor, with bilateral trade in goods significantly bolstered in the 2024-25 financial year. This agreement is envisioned not just as a trade deal, but as a comprehensive partnership, that addresses modern economic realities, the statement added.
(IANS)
