Piyush Goyal will visit Europe for trade talks after Diwali
What's the story
Commerce and Industry Minister Piyush Goyal is likely to visit Europe after Diwali, government sources told CNBC-TV18. The visit will include discussions with the European Union (EU) on a possible Free Trade Agreement (FTA) in the last week of October. After his EU trip, Goyal is also expected to head to New Zealand for further trade negotiations.
Progress update
India has held 14 rounds of trade talks with EU
India has already held 14 rounds of trade talks with the EU and three with New Zealand for an FTA. These negotiations are part of India's broader strategy to diversify its trade partnerships and reduce dependence on any single market. The government has also advised exporters facing challenges in these markets not to sell at a loss but explore other markets as alternatives.
Market expansion
EU approves import of marine products from India
In a major boost for India's marine products sector, the EU on September 9 approved 102 new Indian fisheries establishments for export to the bloc. This comes as a relief to exporters who were hit by US tariffs. The move is expected to offset some of the losses incurred due to these tariffs.