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New Delhi : India and the members of the European Free Trade Association (EFTA) have taken a significant step towards the Trade and Economic Partnership Agreement (TEPA). India’s Free Trade Agreement with EFTA will boost bilateral commerce, investment, job creation and economic growth.
In a statement issued on Monday, the Ministry of Commerce and Industry said that Union Commerce and Industry Minister Piyush Goyal, who was on a visit to Brussels, held a meeting with the representatives of the four EFTA member countries on Monday and discussed the issues related to TEPA in detail. According to a statement issued after the talks, the two sides discussed points related to continuing efforts towards concluding the Comprehensive Trade and Economic Partnership Agreement (TEPA).
According to the ministry, the two sides agreed to intensify their efforts and continue the dialogue process and organize several such meetings in the next few months. It also emphasized on developing understanding on important issues involved in the trade agreement. Earlier on April 26, India and EFTA discussed the modalities related to resumption of trade agreement talks. In such agreements, both trading parties agree to zero or limit customs duties on each other’s imports, as well as to increase exports of services and investments.
EFTA, a group of European countries, includes Iceland, Liechtenstein, Norway and Switzerland. These four countries involved in EFTA are not part of the European Union. The free trade agreement between the two parties is officially called TEPA. India’s exports to these countries have been $1.67 billion during April, 2022 to February, 2023, India imported $15 billion during this period.
