Piyush Goyal calls implementation of India-EFTA trade deal a "Truly Historic Day"

New Delhi [India], October 1 : Union Commerce and Industry Minister Piyush Goyal on Wednesday hailed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) as a "truly historic day," marking a major milestone in India's trade diplomacy.

In an X post, the Union Minister said the agreement's enforcement would unlock new opportunities for trade, investment, and job creation, benefiting Indian businesses and citizens alike.

He wrote, "Truly a historic day as the India-EFTA Trade and Economic Partnership Agreement (TEPA) comes into force. This will unlock new opportunities for trade, investment & job creation, benefiting our people & businesses. Look forward to working together to further strengthen economic ties for shared prosperity!"

Goyal also expressed optimism about deepening economic ties with Switzerland and the broader EFTA bloc for shared prosperity.

The landmark Trade and Economic Partnership Agreement between EFTA States (Switzerland, Iceland, Liechtenstein and Norway) and India entered into force today. The occasion was marked by a high-level event in New Delhi hosted by Piyush Goyal, Minister of Commerce and Industry of India. Switzerland was represented by Helene Budliger Artieda, Swiss State Secretary for Economic Affairs.

Speaking to the media after the event, Swiss State Secretary for Economic Affairs said, "I think it was very important for Minister Goyal and myself and the other EFTA partners to make it a balanced deal. I think for EFTA, the advantage is obvious. This is a 1.4 billion population. It's a growing economy. You're fast catching up and probably going to be soon number three and closing up with number two and number one. So this is a growing market. It's an interesting market and it's a young population, which I think is great."

Speaking to ANI, May-Elin Stener, Norwegian Ambassador to India, emphasised that the implementation of the India-EFTA trade pact will open new avenues for Norwegian firms.

"It's a very good day for Norway-India relations. The entering into force of the trade and economic partnership agreement between EFTA and India opens up new doors for our companies. Already, can say that the Norwegian companies have doubled. The number of Norwegian companies have doubled in the last 10 years, and so has the trade between Norway and India," Stener added.

"We are encouraging them (Norwegian firms) to invest in India. And there are companies, particularly in the energy sector and in the maritime sector, that have cutting-edge technologies that have been very interesting also for Indian companies, and they are very ready to work together with them to develop new solutions and sustainable solutions in these sectors," she further added.

India's FTA with the European Free Trade Association (EFTA), finalised in March 2024, came into effect from today.

The EFTA deal, which covers Switzerland, Liechtenstein, Norway and Iceland, will add to the list of trade agreements India has signed in recent years.

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