Piyush Goyal holds trade talks with Canada, Saudi Arabia, South Korea at G20

Commerce Minister Piyush Goyal held talks with trade counterparts from Canada, Saudi Arabia and South Korea on the sidelines of the G20 meeting in Milwaukee, reviewing CEPA and FTA negotiations, market access and investment opportunities as India expands global trade ties

Washington: Commerce and Industry Minister Piyush Goyal stepped up India’s trade diplomacy on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee, holding a fresh round of talks with counterparts from Canada, Saudi Arabia and South Korea as New Delhi pursued trade agreements and greater market access with major partners.

Goyal’s meeting with Canadian International Trade Minister Maninder Sidhu focused on negotiations for the India-Canada Comprehensive Economic Partnership Agreement, or CEPA, and the two countries’ target of taking bilateral trade to $50 billion by 2030.

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“A productive meeting with Mr. Maninder Sidhu, Minister of International Trade of Canada, on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee,” Goyal said.

“We reviewed the ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA), launched by our Prime Ministers in March this year, to take bilateral trade to $50 billion by 2030,” he said.

Goyal said the meeting built on his recent discussions with Sidhu in Mumbai.

“Building on our recent meeting in Mumbai, we reaffirmed our commitment to expediting negotiations and working towards an early conclusion of the agreement,” he said.

In another bilateral, Goyal met Saudi Arabia’s Commerce Minister Majid bin Abdullah Al-Kassabi. Their talks focused on negotiations for a free trade agreement between India and the Gulf Cooperation Council.

“We discussed progress on the India-Gulf Cooperation Council (GCC) FTA negotiations & explored opportunities to further strengthen trade & investment ties between our two nations,” Goyal said.

South Korea was also part of Goyal’s Milwaukee trade push.

He met South Korean Trade Minister Park Jung-Sung and discussed upgrading the India-Korea CEPA. The talks covered balanced trade growth and improved market access for Indian agricultural, pharmaceutical and marine products. Korean manufacturing investment in India was also discussed.

The latest meetings followed a series of bilaterals Goyal held with major trading partners during the Milwaukee gathering.

He met US Trade Representative Jamieson Greer as India and the United States continued negotiations on an interim trade agreement.

“Had a productive discussion with USTR Greer towards early conclusion of a mutually beneficial interim agreement under the India-US Bilateral Trade Agreement,” Goyal said after the meeting. The two also exchanged views on the G20 deliberations.

Greer separately described his talks with Goyal as “very constructive”.

Goyal also met European Union Trade Commissioner Maroš Šefčovič. Their discussions covered the India-EU free trade agreement, the Trade and Technology Council, World Trade Organisation reform and G20 priorities.

With Brazil’s Foreign Minister Mauro Vieira and Minister of Development, Industry, Trade and Services Márcio Fernando Elias Rosa, Goyal discussed expansion of the India-MERCOSUR Preferential Trade Agreement. The discussions also covered sectoral cooperation, investment and coordination at the G20 and WTO.

Goyal’s meeting with Mexican Economy Secretary Marcelo Ebrard focused on expanding trade and investment ties. The two sides discussed what Goyal described as “huge potential for deeper cooperation”.

Poland was another focus. Goyal met Finance and Economy Minister Andrzej Domański and discussed new avenues for strengthening trade and investment. They also discussed how an India-EU trade agreement could create opportunities for businesses and deepen India-Poland economic cooperation.

The Milwaukee meetings put several of India’s major trade negotiations on the same diplomatic stage — with the United States, European Union, Canada, GCC and South Korea — while also advancing commercial ties with Brazil, Mexico and Poland.