Commerce and Industry Minister Piyush Goyal on Wednesday held talks with Sabine Monauni, Deputy Prime Minister and Minister of Foreign Affairs of Liechtenstein, to explore ways to strengthen economic cooperation between the two countries.
Following the meeting, Goyal said discussions focused on expanding trade, innovation and clean technology collaboration, while also exploring avenues to deepen bilateral ties after the operationalisation of the India–EFTA Trade and Economic Partnership Agreement (TEPA).
“Emphasised the unique partnership, where India brings talent, scale and demand, and Liechtenstein contributes high-value manufacturing and specialised engineering, offering significant scope to accelerate trade, investment and technology flows,” the minister said in a post on X.
The India–European Free Trade Association (EFTA) TEPA is scheduled to become operational from October 1. The four-nation EFTA bloc comprises European Free Trade Association members Switzerland, Norway, Iceland and Liechtenstein.
Under the agreement, the EFTA countries have committed investments worth $100 billion over 15 years, which is expected to facilitate the creation of one million direct jobs in India.
Meanwhile, Goyal is on an official visit to Europe and is scheduled to be in Brussels for two days of trade talks aimed at giving fresh momentum to the proposed India–EU Free Trade Agreement (FTA), according to an official statement.
The visit reflects intensifying diplomatic and technical engagement between New Delhi and Brussels. India is seeking zero-duty access for several labour-intensive sectors, including textiles, leather, apparel, gems and jewellery, and handicrafts.
During the visit, Goyal is expected to hold high-level discussions with Maros Sefcovic, the European Union’s Commissioner for Trade and Economic Security. The discussions are aimed at providing strategic direction to negotiating teams, resolving pending issues and accelerating the conclusion of a balanced and ambitious agreement.
The ministerial engagement follows a week of intensive deliberations in Brussels, building on earlier high-level talks between India’s Commerce Secretary Rajesh Agrawal and the Director-General for Trade of the European Commission, Sabine Weyand.
Both India and the European Union have expressed strong political resolve to conclude a comprehensive agreement. The proposed deal is expected to reinforce a rules-based trading framework while safeguarding the interests of farmers and MSMEs and integrating Indian industries into global supply chains.
-IANS
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