New Delhi: India signed the Free Trade Agreement (FTA) with the four-nation European Free Trade Association (EFTA) bloc, on Sunday. Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement in the national capital on Sunday.
The European Free Trade Association (EFTA) is a regional trade organisation of four countries--Iceland, Liechtenstein, Norway and Switzerland--that aims to promote free trade and economic integration. Earlier in the day, the Foreign Minister of Iceland, Bjarni Benediktsson, and Liechtenstein, Dominique Hasler, arrived in the national capital for the signing of the Trade and Economic Participation Agreement (TEPA).
The agreement for the EFTA nations will see investment of $100 billion over 15 years in India, the world’s fastest growing economy, Goyal said. Switzerland’s Economic Affairs Minister, Guy Parmelin, said that the agreement would result in more FDI and innovative technology flowing into India which would boost manufacturing in the country and lead to the creation of more jobs.
Ministry of External Affairs (MEA) spokesperson, Randhir Jaiswal posted about her arrival saying that the visit by the Liechtenstein minister will boost the economic and commercial partnership between the two countries. He added that Benediktsson's visit would further strengthen India-Iceland ties, including in spheres of trade and investment.
Prime Minister Narendra Modi also congratulated the negotiators and signatories involved in the signing of the Trade and Economic Participation Agreement (TEPA). "May this agreement mark the beginning of a new chapter in the journey of our nations toward a more prosperous future for us all," PM Modi said in a letter.
EFTA and India began negotiating a free trade agreement 15 years ago and the deal was eventually closed after 20 rounds of negotiations. Over the past few months, India and EFTA have significantly intensified their engagement, highlighting the commitment of both parties to achieving an early conclusion to the TEPA negotiations.
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