Mumbai (Maharashtra) [India], July 19, : The India-EFTA Trade and Economic Partnership Agreement (TEPA) will come into effect from October 1, Union Commerce and Industry Minister Piyush Goyal announced on Saturday.
"All countries have now ratified. Lodged their document with the repository, which was Norway, and from first October, EFTA will come into effect," Union Commerce and Industry Minister said while addressing the session 'Creating Global Impact Towards Viksit Bharat', organised by ASSOCHAM in Mumbai.
On 10 March 2024, Member States of the European Free Trade Association - Iceland, Liechtenstein, Norway, and Switzerland, and India signed a comprehensive Trade and Economic Partnership Agreement (TEPA).
EFTA-India FTA sets out the framework for the trade relations between the EFTA States and India by reflecting common principles, such as their commitment to sustainable development, good corporate governance and corporate social responsibility.
EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.
EFTA has committed to promoting investments to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. The investments do not cover foreign portfolio investment.
The agreement incorporates and builds on the WTO Agreement on Trade Facilitation and includes provisions that are in line with relevant international standards and agreements. Among EFTA countries, Switzerland is the largest trading partner of India, followed by Norway.
Going further, speaking at the event, Goyal again reiterated the government's stand on trade deals, stating that India will enter into international trade agreements only if they serve the country's interests.
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