Indian Economy News

Union Minister of Commerce and Industry, Mr. Piyush Goyal, Urges Industry to Leverage India-EFTA Partnership Agreement

Union Minister of Commerce and Industry, Mr. Piyush Goyal, urged industry leaders to capitalise on the opportunities created by the India-EFTA Trade and Economic Partnership Agreement (TEPA), describing it as a significant milestone in India’s economic engagement with Europe. Addressing a session marking two years of the agreement, the statement highlighted a legally binding investment commitment of Rs. 9.24 Lakh crore (US$ 100 billion) from the four EFTA countries- Switzerland, Norway, Liechtenstein, and Iceland. Additionally, the statement noted that the agreement could create 1 million jobs in India and represents an unprecedented model in global trade negotiations, combining a free trade agreement with a legally binding investment commitment. The framework also provides extensive market access across EFTA countries and opens opportunities for collaboration in trade, technology, innovation, and services.

The statement further emphasised that the agreement safeguards India’s sensitive sectors, including agriculture and dairy, while ensuring that concessions are not extended to genetically modified products that could harm domestic stakeholders. The statement further highlighted that early progress has already been made under the agreement with Iceland, with an investment of Rs. 277.41 crore (US$ 30 million) in the fisheries sector in Maharashtra. The statement also underscored that the agreement is expected to strengthen partnerships between Indian businesses and European markets while boosting technology partnerships, services trade, and investment flows. In continuation, the statement added that industry bodies such as ASSOCHAM are encouraged to connect MSMEs, farmers, entrepreneurs, and professionals with emerging opportunities under India’s trade agreements.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.