India is stepping up its global economic outreach, with finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal and commerce secretary Rajesh Agrawal set to visit six major economies — the US, Canada, Japan, Brazil, Argentina and Chile — in the coming weeks, people aware of the development said.
While Sitharaman is expected to visit Canada and the US, Goyal will travel to Japan and Agrawal will undertake a week-long tour of Argentina, Chile and Brazil. The visits come as India seeks to strengthen economic ties and advance separate bilateral trade deals with the US, Canada and Chile.
According to a statement issued by Canada’s department of finance, Canadian finance minister François-Philippe Champagne is scheduled to host Sitharaman on August 26 and 27. Both 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, it said.
In the second leg of her journey, Sitharaman is expected to attend the G20 finance ministers and central bank governors (FMCBG) meeting in Asheville on August 31-September 1. Later, in the last week of September, Goyal is scheduled to visit the US and attend the G20 trade ministerial meeting in Milwaukee, Wisconsin, starting on September 30.
According to US Treasury Secretary Scott Bessent’s announcement of the meeting schedule, the selection of Asheville “reflects the Trump Administration’s commitment to the revitalization and resilience of western North Carolina” after the devastating impact of Hurricane Helene. Sitharaman is also expected to meet several key US officials and investors during her US visit, the people mentioned in the first instance said.
{{/usCountry}}According to US Treasury Secretary Scott Bessent’s announcement of the meeting schedule, the selection of Asheville “reflects the Trump Administration’s commitment to the revitalization and resilience of western North Carolina” after the devastating impact of Hurricane Helene. Sitharaman is also expected to meet several key US officials and investors during her US visit, the people mentioned in the first instance said.
{{/usCountry}}Goyal’s four-day Japan visit from Monday is aimed at strengthening trade and investment ties between the two countries, they said. India and Japan are working to boost and balance bilateral trade by leveraging the India-Japan Comprehensive Economic Partnership Agreement (CEPA), they added. The commerce minister is leading a 200-strong industry delegation during his Japan visit. Japan is India’s fifth-largest source of foreign direct investment, with more than 1,400 Japanese firms 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 person said.
Agrawal is first visiting Argentina on August 24 and 25, followed by Chile on August 26 and Brazil on August 27 and 28.
“India is very close to finalise a free trade agreement with Chile and remaining key points are market access for them and critical minerals for us,” another person said.
India and Chile already have had a preferential trade agreement (PTA) for 20 years, and they are now negotiating a wider trade deal as a comprehensive economic partnership agreement (CEPA).
Agrawal’s visit to Argentina and Brazil is expected to expedite expansion of the preferential trade agreement between Mercosur and India, he said. The Southern Common Market (MERCOSUR, for its Spanish initials) is a regional bloc of Argentina, Brazil, Paraguay, Uruguay, Venezuela and Bolivia. Venezuela was, however, suspended from the group in 2016. India and Mercosur are discussing terms of reference for starting negotiations to expand trade ties.