“India, EFTA ink free trade deal to bolster economic ties,” announced on Sunday, highlights the significant step taken by India and the European Free Trade Association (EFTA) to enhance bilateral trade and investments. The EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, sees this agreement as a means to access India’s growing market, while India aims to attract more foreign investment from EFTA nations, fostering job creation and economic growth.
The Trade and Economic Partnership Agreement (TEPA), consisting of 14 chapters covering various aspects such as trade in goods, services, and intellectual property rights, represents a milestone in the negotiations that began in January 2008. After thirteen rounds of talks and a hiatus, negotiations resumed in October 2023 and concluded swiftly, reflecting both parties’ commitment to deepen economic cooperation.
While EFTA countries are not part of the European Union, the organization serves as a platform for promoting free trade among its member states. India’s engagement with EFTA aligns with its broader strategy of enhancing trade relations, as seen in its ongoing negotiations with the EU and recent successful FTA negotiations with other nations. With Switzerland leading as India’s largest trading partner within the bloc, the agreement is expected to pave the way for further strengthening bilateral trade ties and addressing trade imbalances.
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