Goyal discusses trade, FTA prospects with Sweden in push to deepen economic ties

New Delhi: Commerce minister Piyush Goyal on Thursday held wide-ranging discussions with senior Swedish government officials and industry leaders in Stockholm, as part of a broader effort to strengthen India’s economic partnership with Europe.

The talks focused on expanding bilateral trade, boosting investment flows, and exploring collaboration in emerging sectors such as clean technology and innovation, the commerce ministry said in a statement.

Goyal, who is on a five-day tour of Switzerland and Sweden, co-chaired the 21st session of the India–Sweden Joint Commission for Economic, Industrial and Scientific Cooperation, where both sides reaffirmed their commitment to deepening strategic ties.

According to the ministry, Goyal's meetings in the Swedish capital featured leading Swedish institutions, like LeadIT, Vinnova, the Swedish Energy Agency, the National Space Agency, the National Board of Trade, the Export Credit Agency, Business Sweden, and the Swedish Chamber of Commerce in India.

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A dedicated roundtable also explored ways to strengthen the India–Sweden economic corridor, the ministry said.

Key areas of discussion included innovation, green transition, advanced technologies, and building resilient supply chains, it added.

EFTA trade deal

Goyal has wrapped up the Swiss leg of his tour. Last March, India and the four-nation EFTA – comprising Iceland, Liechtenstein, Norway and Switzerland – signed a free trade deal to integrate and strengthen supply chains, attract investments and generate new business opportunities.

The EFTA has also made a binding commitment to invest $100 billion in India and create one million direct jobs in the next 15 years.

Meanwhile, India and the European Union have also stepped up efforts to clinch a long-pending free trade agreement, aiming to forge closer economic ties as global supply chains shift.

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Negotiations, revived in 2022 after nearly a decade, have gained urgency with both sides seeking reliable trade partners.

For India, the EU offers a major export market and investment in clean tech. For the EU, India is a growing economy and strategic hedge against China.

Key hurdles remain—such as tariffs, intellectual property, and sustainability standards—but officials are optimistic about a breakthrough by 2025.

Courting Swedish Investors

During his visit to Sweden, Goyal also urged Swedish companies to expand their footprint in India, citing the country’s investor-friendly regulations, growing consumer market, skilled workforce, and strong industrial base.

Goyal participated in the India–Sweden High-Level Trade and Investment Policy Forum at the Confederation of Swedish Enterprise.

He also held one-on-one meetings with Swedish firms from sectors such as automation, renewable energy, sustainable food systems, maritime technology, and advanced materials.

Talks centred on easing land access, building skilling partnerships, and facilitating fast-track clearances.

And read | Piyush Goyal sets TEPA roadmap, urges Swiss industry to tap India’s growth