India signed the Free Trade Agreement (FTA) with the four-nation European Free Trade Association (EFTA) bloc on Sunday, March 10. Union Commerce Minister Piyush Goyal co-chaired today's meeting on the India-EFTA trade agreement in the national capital. The European Free Trade Association (EFTA) is a regional trade organisation of four countries--Iceland, Liechtenstein, Norway and Switzerland--that aims to promote free trade and economic integration.
Prime Minister Narendra Mod praised the agreement and issued a statement saying, " The tenth of March 2024 marks a new turn and a watershed moment in the bilateral relationship between India and the EFTA countries of Switzerland, Norway, Iceland, and Liechtenstein."
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PM Modi congratulated for the agreement, saying, "Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Participation Agreement (TEPA)."
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"The culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations is commendable. One of the most pioneering free trade agreements ever concluded between our countries, TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people. Despite structural diversities in many aspects, our economies complementarities that promise to be a win-win situation for possess all nations," the statment read.
Earlier in the day, the Foreign Minister of Iceland, Bjarni Benediktsson, and Liechtenstein, Dominique Hasler, arrived in the national capital for the signing of Trade and Economic Participation Agreement (TEPA).
PM Modi said in a statement, "With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition. The trade agreement symbolizes our shared commitment to open, fair, equitable trade, as well as generating growth and employment for the youth. In the last 10 years, India's economy has taken a quantum leap, moving from being the world's eleventh largest economy to the fifth largest. Our next goal is to make India's economy the third largest economy in the world."
India-EFTA Trade & Economic Partnership Agreement (TEPA) Signed and Exchanged in Delhi:
"Through wide-ranging reforms, we have enhanced the ease of doing business that has helped our nation touch new heights in business, manufacturing and exports. The global leadership of EFTA countries in innovation and R&D across diverse spheres, such as digital trade, banking and financial services, transport and logistics, industrial machinery, biotechnology, pharmaceuticals, chemicals, food processing and clean energy, will open up new doors of collaboration," the statement read.
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"India will extend all possible support to EFTA countries and facilitate industry and businesses, not only to achieve the committed targets, but also 80 beyond them. May this agreement mark the beginning of a new chapter in the journey of our nations toward a more prosperous future for us all," said Prime Minister in a released statment.