Govt steps up global economic outreach
New Delhi, Aug. 24 -- India is stepping up economic engagement with major global economies, with finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal and commerce secretary Rajesh Agrawal set to travel to at least six countries in the coming weeks, people familiar with the plans said.
Sitharaman is expected to visit Canada and the US, Goyal is scheduled to travel to Japan, while Agrawal will undertake a week-long visit to Argentina, Chile and Brazil, the people said, requesting anonymity. The visits come as India seeks to deepen economic ties with these countries and negotiate or expand bilateral trade arrangements with the US, Canada and Chile.
According to a statement from Canada's Department of Finance, Canadian finance minister Francois-Philippe Champagne is scheduled to host Sitharaman on August 26 and 27. The two ministers will participate in the inaugural Finance Ministers' Economic and Financial Dialogue, which will focus on economic development, financial sector cooperation and shared international priorities.
Sitharaman is then expected to travel to the US for the G20 finance ministers and central bank governors (FMCBG) meeting in Asheville on August 31 and September 1. She is also expected to meet key US officials and investors during the visit, the people said. The choice of Asheville for the G20 meeting reflects the Trump administration's focus on the revitalisation and resilience of western North Carolina following the devastation caused by Hurricane Helene, US treasury secretary Scott Bessent said while announcing the meeting schedule.
Goyal is scheduled to visit Japan for four days from Monday, leading a 200-member industry delegation. The visit is aimed at strengthening trade and investment ties and improving the balance of bilateral trade, the people said. India and Japan are seeking to expand trade by leveraging the India-Japan Comprehensive Economic Partnership Agreement (CEPA). Japan is India's fifth-largest source of foreign direct investment, with more than 1,400 Japanese companies operating in the country.
"Thus India is significantly engaged with major economies of the world through engagements of the two top ministers and the commerce secretary (CS). The idea is to further strengthen economic cooperation, attract investments and expand trade ties. The South America visit of CS will help India's trade diversification efforts," one of the people said.
Agrawal's Latin America tour will begin in Argentina on August 24 and 25, followed by Chile on August 26 and Brazil on August 27 and 28. India is close to concluding a trade agreement with Chile, with market access for Chile and critical minerals for India among the remaining key issues, the second person said.
India and Chile have had a preferential trade agreement (PTA) for about 20 years and are now negotiating a broader Comprehensive Economic Partnership Agreement. Agrawal's visits to Argentina and Brazil are also expected to help advance efforts to expand India's trade agreement with Mercosur, the South American trade bloc, the second person said....
To read the full article or to get the complete feed from this publication, please
Contact Us.