India has set up an EFTA desk to strengthen its trade and investment with the bloc. The move follows the free trade agreement, which promises a USD 100 billion investment over 15 years.
The EFTA blocs of four countries, India and Europe, signed a free trade agreement on March 10th last year to enhance trade and investment ties.
The Trade and Economic Partnership Agreement (TEPA) and the officially dubbed agreement are expected to come into effect by the end of this year.
EFTA members are Iceland, Liechtenstein, Norway and Switzerland.
Because desk installation is important under the agreement, India has received an investment commitment of USD 100 billion over 15 years from the group, cutting and refined diamonds with Swiss watch, chocolate, low or zero duties. We allow several products, such as polishing.
This is the first pledge agreed to in any of the trade deals that India has signed to date.
It will be launched by Commerce and Industry Minister Piyusch Goyal along with the EFTA block, represented by Swiss Secretary of State Helen Budriger Artida. Thomas Norboll, Director of the Norwegian Trade and Industry. Martin Eyjolfsson, Secretary of State of Iceland. And on Monday, Dominique Hasler, Foreign Minister, among other representatives of Bharat Mandapam.
“We aim to serve as a dedicated platform to promote trade, investment and business facilitation between India and the four EFTA countries,” the Commerce Department said.
The dedicated desk will serve as a centralized support mechanism for EFTA companies seeking to expand in India.
It added that it will provide market insights and regulatory guidance, business matchmaking and support in navigating the Indian policy and investment landscape.
A high-level EFTA-INDIA business round table will also be met here.
Over 100 leading companies from India and EFTA countries aim to promote collaboration between key sectors such as Pharma, Life Sciences, Financial Services, Fintech, Engineering, Energy, Seafood, Maritime, Food Processing, Agritech, etc. That’s what I mean.
“The Roundtable will provide a structured forum for companies to explore joint ventures, investment opportunities and technology partnerships under the framework of TEPA,” he added.
India-EFTA’s two-way trade was around US$24 billion from 2023-24 to US$186.5 billion in 2022-23.
The trade gap is advantageous for the bloc.
Switzerland is India’s largest trading partner and investor, followed by Norway in the bloc.
India received US$10.7 billion in foreign direct investment from Switzerland in April 2000 and September 2024.
Disclaimer – This article is from a Syndicate Feed. The original source is responsible for accuracy, views and ownership of the content. The views expressed may not reflect the views of Rediff.com India Limited.
