Minister Piyush Goyal in Switzerland to push EFTA’s US$100 billion investment in India

Union Commerce and Industry Minister Piyush Goyal on Monday held discussions with the Director General of the World Trade Organisation in Zurich, Switzerland.

The Minister is on an official visit to Switzerland to further the commitments under the Free Trade Agreement signed by India recently with the four-nation European bloc or EFTA. During the visit, the Minister held important discussions with industry leaders and stakeholders to advance India’s trade and economic interests.

Minister Goyal held a meeting with World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala.

In his/her social media post, Minister Goyal shared details of his/her conversation, which discussed various ongoing negotiations at the multilateral platform and the progress made since the 13th Ministerial Conference held in Abu Dhabi earlier this year. Minister Goyal expressed India’s firm commitment to the WTO, stressing the importance of achieving meaningful outcomes and ensuring free and fair trade among member countries.

The minister said, “Met @WTO Director General @NOIweala in Zurich. Discussed various ongoing negotiations at the multilateral forum and progress achieved since the 13th Ministerial Conference held in Abu Dhabi earlier this year. Conveyed India’s commitment to help achieve meaningful outcomes and ensure free and fair trade among member countries.”

meet @NOIwealaDirector General @WTO In Zurich.

Various ongoing negotiations at the multilateral forum and the progress made since the 13th Ministerial Conference held in Abu Dhabi earlier this year were discussed.

Conveyed India’s commitment to help achieve meaningful goals… pic.twitter.com/40kdY8dEWJ

— Piyush Goyal (@PiyushGoyal) July 14, 2024

The visit comes after the recent signing of a free trade agreement between India and the European Free Trade Association (EFTA). EFTA is a European bloc of four countries that includes Switzerland, Norway, Iceland and Liechtenstein. The main objective of Minister Goyal’s visit was to further the commitments made under this new agreement.

EFTA has committed to promote investment in India with the aim of increasing Foreign Direct Investment to US$100 billion over the next 15 years and facilitating the creation of 1 million direct jobs in India through such investments.

In addition, Minister Goyal held a fruitful meeting with Diego Aponte, Group President, MSC Cargo. MSC Cargo is a leading global container shipping and logistics group with a significant presence in India. The discussion focused on potential collaboration between MSC Cargo and Indian industry, particularly on the development of container shipping and expansion of Indian flagged vessels. Minister Goyal highlighted the importance of such collaboration in enhancing India’s shipping and logistics sectors.

“Had a meeting with Mr. Diego Aponte, Group President of @MSCCargo, a renowned global container shipping and logistics group with significant presence in India. Discussed possible collaboration with Indian industry and development of container shipping and Indian flagged vessels,” he/she said.

In addition, the Union Minister also took the opportunity to connect with the Indian diaspora in Switzerland. he/she expressed pleasure at meeting a group of prominent Indian community members in Zurich, acknowledging their significant contribution to the Swiss economy and their role in strengthening India-Swiss relations. During this meeting, Minister Goyal urged the Indian diaspora to invest in India and facilitate the exchange of best practices for Swiss innovation.

he/she also emphasized that the recently signed India-EFTA Trade and Economic Partnership Agreement has opened up immense possibilities for economic cooperation and growth.