In a significant move towards fostering economic ties and expanding trade horizons, India has sealed a momentous $100 billion free trade agreement with a four-member European bloc known as the European Free Trade Association (EFTA). This landmark agreement signals a significant step towards bolstering economic cooperation between India and the European nations comprising the EFTA.
India's Minister for Commerce and Industry, Piyush Goyal, expressed his enthusiasm following the signing ceremony held in New Delhi. Goyal hailed the India-EFTA Trade and Economic Partnership Agreement (TEPA) as a historic milestone in the burgeoning partnership between the two entities. He underscored that this agreement would not only facilitate access to a burgeoning market comprising 1.4 billion people but also pave the way for mutual growth and prosperity.
India's Minister for Commerce and Industry, Piyush Goyal, expressed his enthusiasm following the signing ceremony held in New Delhi. Goyal hailed the India-EFTA Trade and Economic Partnership Agreement (TEPA) as a historic milestone in the burgeoning partnership between the two entities. He underscored that this agreement would not only facilitate access to a burgeoning market comprising 1.4 billion people but also pave the way for mutual growth and prosperity.
The TEPA is anticipated to unlock numerous opportunities for both India and the EFTA member states by spurring exports, attracting investment, and generating employment opportunities. This aligns with India's broader economic strategy aimed at fostering sustainable growth and achieving ambitious export targets.
Over the past two years, India has been actively pursuing strategic trade agreements with various countries to diversify its trading partners and enhance its global presence. Recent trade agreements with Australia and the United Arab Emirates underscore India's commitment to expanding its economic footprint on the global stage. Moreover, negotiations for a trade deal with the United Kingdom are reportedly in their final stages as India, under the leadership of Prime Minister Narendra Modi, sets its sights on achieving an annual export target of $1 trillion by 2030.
Under the terms of the agreement, India has agreed to lift or significantly reduce import tariffs on industrial products from the EFTA member states over a span of 15 years. The Swiss government announced that India would eliminate or substantially reduce customs duties on 95.3 percent of industrial imports from Switzerland, excluding gold. Similarly, Norwegian companies are set to benefit from reduced import taxes, with Industry Minister Jan Christian Vestre highlighting the elimination of import taxes on nearly every Norwegian product.
The comprehensive nature of the India-EFTA TEPA signifies a strategic alignment between India and the EFTA member states, aimed at fostering economic integration and bolstering bilateral trade relations. This landmark agreement is poised to catalyze economic growth, promote cross-border investments, and create new avenues for collaboration in various sectors, thereby heralding a new era of economic cooperation between India and the EFTA bloc.
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