New Delhi witnessed a significant diplomatic engagement as Commerce and Industry Minister Piyush Goyal held talks with Liechtenstein’s Deputy Prime Minister and Foreign Affairs Minister Sabine Monaufni. The meeting, announced on Wednesday, focused on strengthening bilateral relations between India and the tiny European nation.
In a post on X, Goyal highlighted discussions on expanding trade, fostering innovation, and exploring opportunities in clean technology. He emphasized the post-operation phase of the India-EFTA TEPA, underscoring ways to deepen mutually beneficial ties.
Goyal pointed out the unique synergy in this partnership. India brings talent, vast potential, and market demand, while Liechtenstein excels in high-value manufacturing and specialized engineering. This combination opens doors for accelerated trade, investment, and technology flows.
The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), encompassing Switzerland, Norway, Iceland, and Liechtenstein, is set to officially kick off on October 1. Under this pact, EFTA has committed to $100 billion in investments over 15 years, poised to generate one million direct jobs in India.
This comes amid Goyal’s official Europe visit. He is in Brussels for two-day trade talks to finalize the India-EU Free Trade Agreement (FTA). The trip reflects growing diplomatic and technical ties between New Delhi and Brussels.
Goyal is scheduled for high-level discussions with EU Trade and Economic Security Commissioner Maros Sefcovic. These talks aim to provide strategic guidance to negotiation teams, resolve pending issues, and fast-track a balanced, ambitious agreement.
Expect detailed deliberations on key areas of the proposed deal to bridge differences and clarify outstanding matters. The ministerial dialogue follows a week of intensive consultations in Brussels, building on recent high-level talks between India’s Commerce Secretary Rajesh Agarwal and EU Trade Director General Sabine Weyand.
As global trade dynamics shift, this proactive outreach signals India’s commitment to forging robust economic partnerships with Europe, promising growth, jobs, and innovation for both sides.