India, EFTA sign trade pact to promote exports

NEW DELHI: India and the European Free Trade Association (EFTA) on Sunday bolstered their economic ties by signing of a Trade and Economic Partnership Agreement (TEPA).

This agreement marks the first Free Trade Agreement (FTA) signed by India with four developed nations within the EFTA bloc, including Switzerland, Iceland, Norway, and Liechtenstein.

Commerce Minister Piyush Goyal hailed TEPA as a modern and ambitious pact which includes a binding commitment of $100 billion in investments and the creation of 1 million direct jobs in India over the next 15 years. “The agreement will give a boost to Make in India and provide opportunities to young & talented workforce. The FTA will provide a window to Indian exporters to access large European and global markets,” Goyal said.

Comprising 14 comprehensive chapters touching upon various aspects of trade, the TEPA focuses on crucial elements such as market access, rules of origin, investment promotion, intellectual property rights, and sustainable development. Key highlights of the agreement include EFTA offering access to 92.2% of its tariff lines, covering 99.6% of India’s exports, while India reciprocates by opening up 82.7% of its tariff lines, encompassing 95.3% of EFTA exports.

Source : https://www.newindianexpress.com/business/2024/Mar/11/india-efta-sign-trade-pact-to-promote-exports