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How India-EFTA(European Free Trade Association) trade pact will benefit Indians

4 weeks ago

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Key Highlights of the Agreement

  1. India and EFTA (Switzerland, Iceland, Norway, Liechtenstein) signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. 
  2. It aims to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years
  3. Will facilitate the generation of 1 million direct employment in India
  4. EFTA nations get concessions in 105 sub-sectors including wines, watches, and chocolates.

On March 10, 2024, India achieved a historic milestone by signing a pivotal trade agreement with the European Free Trade Association (EFTA). The signing ceremony in New Delhi witnessed the participation of distinguished delegates including Guy Parmelin, Swiss Federal Councillor; Bjarni Benediktsson, Iceland’s Minister of Foreign Affairs; Dominique Hasler, Liechtenstein’s Minister of Foreign Affairs; and Jan Christian Vestre, Norway’s Minister of Trade and Industry. Leading the Indian delegation was Mr. Piyush Goyal, Union Minister for Commerce & Industry.

This trade agreement aligns with India’s strategic goal of diversifying its trade partners beyond China.

The agreement marks India’s first trade deal with a European bloc, showcasing EFTA’s strategic importance. Truly a ‘WIN-WIN’ deal for both sides!