India is fast-tracking negotiations for a comprehensive free trade agreement with the European Union, with Commerce and Industry Minister Piyush Goyal holding three crucial meetings with EU Trade Commissioner Maros Sefcovic within just 35 days.
India on Thursday proposed establishing an 'Italy Enclave' within one of its industrial towns, offering Italian companies and workers a comprehensive ecosystem that would serve as a "home away from home."
"We realise that the bilateral trade between our two nations is so low, and is suboptimal. We have a lot of work to do, whether it is trade, whether it is investments, whether it is technology, whether it is tourism," Goyal said.
Christel Schaldemose, the Vice-President of the European Parliament, in charge of Asia, on Thursday, expressed optimism about the finalisation of an impending trade deal between the EU and India.
India has received a significant support from global companies and investors during Commerce and Industry Minister Piyush Goyal's visit to Italy, as several leading Italian companies announced plans to expand their presence and double down on investments in the country.
The meeting brought together top executives from key Italian industrial sectors, including commercial refrigeration, aerospace and defence, and technical gases, all expressing a strong commitment to expanding their operations in India's rapidly growing market.
iMoon Lighting, a leading international lighting specialist for the food and fashion retail sectors, announced its entry into the Indian market following high-level discussions with Commerce and Industry Minister Piyush Goyal during his official visit to Italy.
Italian filtration and thermal management company UFI Filters has announced plans to significantly expand its presence in India through renewed investment commitments, according to company Chairman Giorgio Girondi.
Italian specialty food company Toschi Vignola will significantly increase its business operations in India, leveraging the country's growing economy and evolving food preferences, CEO Stefano Toschi announced following a meeting with Commerce and Industry Minister Piyush Goyal.
Commerce Minister Piyush Goyal commenced his two-day visit to Italy on Wednesday following the conclusion of his engagements in France focused on advancing economic cooperation between the two countries.
India has pushed for comprehensive World Trade Organization (WTO) reforms, calling for decisive action against non-tariff barriers and restoration of the paralysed dispute settlement mechanism during high-level ministerial discussions in Paris.
Union Minister for Commerce and Industry Piyush Goyal on Wednesday participated in the WTO Trade Ministers gathering in Paris, France, at the Organisation for Economic Co-operation and Development (OECD) Ministerial Council Meeting.