Piyush Goyal expects economic pacts with European nations to drive growth & jobs

New Delhi, Oct 19 Minister of Commerce and Industry Piyush Goyal on Sunday listed the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) which has now come into force, and his meeting with UK Prime Minister Keir Starmer in Mumbai to advance the India-UK trade and investment partnership as major highlights of his ministry in the last fortnight.

"The Trade and Economic Partnership Agreement (TEPA) between India and the EFTA, has come into force. The shared objective of the agreement is to mobilise $100 billion in investments and create one million direct jobs in India over the next fifteen years," he said.

Under the agreement EFTA, the four-nation bloc comprising Switzerland, Norway, Iceland and Liechtenstein, is offering 92.2 per cent of its tariff lines, which cover 99.6 per cent of India’s exports to the region. The EFTA’s market access offer covers 100 per cent of non-agricultural products and tariff concessions on some processed agricultural products.

India is offering 82.7 per cent of its tariff lines, which cover 95.3 per cent of EFTA exports. However, the effective duty on gold remains untouched.

The pact will reduce tariffs on specific EFTA goods for Indian consumers, such as Swiss watches, whisky, and chocolates.

The agreement includes provisions for mutual recognition of services, allowing professionals in fields like nursing, chartered accountancy, and architecture to work in EFTA countries.

It also covers intellectual property rights, with a focus on addressing India's concerns about patent safeguards, particularly the evergreening of patents in pharma products.

Goyal also said: "Met UK Prime Minister Keir Starmer in Mumbai and discussed ways to further strengthen the India-UK trade and economic partnership. Also met Mr Peter Kyle, UK Secretary of State for Business and Trade, in Mumbai to advance the India–UK trade and investment partnership."

Prime Minister Starmer’s visit to India saw major new announcements, including 1.3 billion pounds in new Indian investments into the UK and agreements to expand British university campuses in India.

Prime Minister Narendra Modi and PM Starmer also issued a joint statement, which included the establishment of the India-UK Connectivity and Innovation Centre and the setting up of the India-UK Joint Centre for AI, along with enhanced cooperation on AI, clean energy, and advanced manufacturing, alongside new connectivity links between the two countries.

Besides, new film and creative collaborations, including Bollywood productions to be filmed in the UK, were also announced during the visit.

Goyal also mentioned the 7th meeting of the India–Brazil Trade Monitoring Mechanism (TMM) held in New Delhi in the round-up. Both sides reviewed bilateral trade and investment ties, discussed expansion of the India–MERCOSUR PTA (preferential trade agreement), market access, sectoral cooperation, and multilateral engagement.

He further stated that he held a productive discussion with officials as well on strengthening India's position on ease of doing business for Data Centres & AI. Besides, key discussions on renewable energy, land access, and streamlined processes were also held.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor