Free Trade Agreement signed between India and EFTA, there will be free trade with these four countries
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New Delhi (Uttam Hindu News): India and the four-nation European grouping ‘EFTA’ on Sunday signed a free trade agreement (FTA) aimed at promoting mutual trade in goods, services and investments. Prime Minister Narendra Modi on Sunday said the India-EFTA trade agreement is a symbol of our shared commitment towards a free, fair and equitable trade. He said the globally leading position of EFTA countries in innovation in areas such as digital trade, banking and financial services and pharma will open new doors for cooperation. Modi, in a written message, said: “Hearty congratulations and best wishes to the negotiators and signatories involved in the signing of the India-EFTA Trade and Economic Partnership Agreement (TEPA).
Commerce and Industry Minister Piyush Goyal read out the Prime Minister’s message in the presence of ministers and officials of the EFTA countries. The Prime Minister said, “India’s economy has taken a giant leap in the last 10 years. Today India has become the fifth largest economy from the 11th largest economy in the world.” Member countries of the European Free Trade Association (EFTA) include Iceland, Liechtenstein, Norway and Switzerland.
This agreement was approved by the Union Cabinet on March 7. India and EFTA have been officially negotiating the Trade and Economic Partnership Agreement (TEPA) agreement since January 2008 to boost economic relations. The agreement has 14 chapters. These include trade in goods, rules of origin, intellectual property rights (IPR), trade in services, investment promotion and cooperation, government procurement, technical barriers to trade and trade facilitation. EFTA has 29 FTAs with 40 partner countries, including Canada, Chile, China, Mexico and Korea. Under the free trade agreement, the two trading partners significantly reduce or eliminate customs duties on a maximum number of goods traded between them, in addition to easing norms to promote services and investment.
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