India and the European Free Trade Association (EFTA) member countries of Iceland, Liechtenstein, Norway, and Switzerland have taken a step towards resuming their negotiations for a Trade and Economic Partnership Agreement (TEPA) during a meeting held in New Delhi on Wednesday.
The meeting was attended by India’s trade minister, Piyush Goyal, along with ministers and representatives from the EFTA member countries. The parties acknowledged the challenges posed by the ‘current global economic and trade environment’ and recognized the need to address the bilateral trade and economic partnership issues in a ‘constructive and pragmatic manner’.
Both sides agreed to continue their efforts to resolve all ‘outstanding issues and work towards deepening and strengthening the economic partnership, while contributing to a more inclusive global trading system.’ The resumption of trade talks is expected to boost trade ties between India and the EFTA countries.
India has been seeking to strengthen its economic relations with EFTA countries, as it aims to diversify its export markets. Meanwhile, the EFTA countries are looking to expand their presence in the fast-growing Indian market.
India is already in talks for a trade pact with several other countries, including the European Union (EU), the United Kingdom (UK), and Israel. This move towards resuming trade negotiations with EFTA countries is significant, as it indicates India’s eagerness to expand its economic ties with countries beyond its traditional partners.
The resumption of talks also demonstrates EFTA countries’ willingness to continue discussions with India despite the challenges posed by the global economic and trade environment.
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