 "India, European FTA deal to bring stability, predictability in partnership: Commerce Minister Piyush Goyal")
What happened
India’s Commerce and Industry Minister Piyush Goyal said on Tuesday that the free trade agreement (FTA) between India and the European Free Trade Association (EFTA) will offer stability, predictability, and continuity for businesses.
The Trade and Economic Partnership Agreement (TEPA), signed in March 2024, is expected to be operational by October.
Tell me more
The TEPA was signed on March 10, 2024, between India and the four-member EFTA bloc– Iceland, Liechtenstein, Norway, and Switzerland.
India has secured a commitment of $100 billion in investments over the next 15 years from EFTA countries under the deal.
The pact allows preferential market access for products like Swiss watches, chocolates, and cut and polished diamonds.
Piyush Goyal said the agreement leverages India’s large market and skilled workforce alongside Switzerland’s advanced manufacturing sector.
India has completed its internal ratification process for the agreement.
The minister called on businesses from both regions to actively use the opportunities created by the deal.
He also recommended a reciprocal certification system to streamline regulatory procedures.
The voices
“The agreement will give stability, predictability and continuity in the partnership,” said Piyush Goyal, Commerce and Industry Minister.
The context
The India-EFTA TEPA is part of New Delhi’s broader push to diversify trade ties and attract foreign investment. EFTA nations, though not part of the European Union, hold strong economic profiles, especially Switzerland.
This agreement comes as India aggressively pursues FTAs with multiple regions to integrate more deeply into global value chains and position itself as a manufacturing and services hub.
With inputs from agencies
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