India EFTA Trade

India is setting up a dedicated platform - EFTA (European Free Trade Association ) desk - to promote trade, investment, and business facilitation between the two regions, an official statement said on Monday. India and the four European nations EFTA bloc signed a free trade agreement on March 10 last year to boost trade and investment ties. The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), is expected to come into force by the end of this year. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. The setting up of the desk is important as under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far. It will be inaugurated by Commerce and Industry Minister Piyush Goyal along

EFTA representatives will be in the national capital with more than 100 investors

Britain's Secretary of State for Business and Trade, Jonathan Reynolds, on Monday revealed plans to visit India next month with a focus on finalising the Free Trade Agreement (FTA) negotiations as part of the UK government's ambition to elevate the bilateral partnership across all sectors. Addressing India Global Forum's (IGF) annual UK-India Parliamentary Lunch at the House of Lords complex in London, Reynolds highlighted the strength of the bilateral trading relationship which stood at GBP 41 billion in the year until September 2024. However, the Cabinet minister went on to reaffirm the British government's commitment to improve trade between India as the fifth and the UK as the sixth largest economies of the world. I want to reaffirm the UK's commitment to deliver growth for both countries through the trade deal that we're talking about, through the Comprehensive Strategic Partnership and the Technology Security Initiative; and I can let you know exclusively, I hear what you say

Commerce Secretary Sunil Barthwal has visited Norway to discuss the possibility of an early implementation of a free trade agreement between India and the four-nation European bloc EFTA, an official statement said on Saturday. The agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), was inked in March. The implementation date has not yet been finalised. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "The visit was aimed at furthering the objectives of and unlocking the large market in EFTA countries for Indian exports of goods and services and push for early implementation of USD 100 billion investment," the commerce ministry said Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ..

In 2018, after EFTA and Indonesia signed an FTA, a Swiss non-government organisation Public Eye highlighted deforestation in Indonesia for palm tree cultivation as well as the death of orangutans

Switzerland's federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process. The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and Liechtenstein, aims at expanding trade across a range of areas, including pharmaceuticals, manufacturing, new technologies and machinery. Under the mega trade deal, the four European countries are looking at making an investment of USD 100 billion in India over the next 15 years. Each of the signatory countries will have to ratify the pact for its roll out. On Wednesday, the Federal Council adopted a dispatch on the free-trade agreement between the EFTA states and India, the Swiss government said in a statement. The Federal Council, which is the Swiss federal cabinet, is the highest executive authority in the country. The Swiss Parliament is expected to debate the ..

The government on Friday said the free trade agreement signed between India and the four European nation bloc EFTA in March is under the ratification process in those countries. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that there is no fixed time frame for the ratification, as the process is different in each of the EFTA (European Free Trade Association) countries. In March, India and EFTA signed a Trade and Economic Partnership Agreement (TEPA). Under the pact, India will receive the investment in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The EFTA members are Iceland, Liechtenstein, Norway and Switzerland. "The TEPA agreement is under the ratification process in the national parliament or legislature of each EFTA country," Prasada said. In India, such trade pacts are approved by the Union Cabinet. According to the

Oman is seeking duty concessions on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry

India's interest in trade and economic partnership with EFTA countries stems from the expertise of affluent member-nations in precision technology, and India's appetite for foreign direct investment

In exchange for tariff reduction, EFTA countries will increase foreign investments in India

The commerce minister left no one in any doubt that the government will protect the domestic producers as long as they felt that it was necessary

EFTA governments have committed to promoting investments, and facilitating job creation (as a result of such investment), as well as cooperating on technology collaboration between EFTA and India

Prime Minister Narendra Modi's government is taking advantage of India's growing appeal as the world's fastest-growing major economy and an alternative to China for global supply chains

For promised FDI, India's nominal GDP must grow 9.5% in $ terms over 15 yrs

The FTA text says the opening of branches by foreign banks in branch or wholly-owned subsidiary (WOS) mode shall also be subject to the requirements

Here is the best of Business Standard's opinion pieces for today

India should focus on bringing technology

Alcoholic beverages makers' body CIABC on Monday said the free trade agreement between India and four European nation bloc EFTA will help push the growth of the domestic wine industry. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland. The Confederation of Indian Alcoholic Beverage Companies (CIABC) Director General Vinod Giri said that time-bound reduction of customs duties on an equitable and sustainable level will support the domestic industry. As per the documents of the agreement, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5. Wines priced between USD 5 and less than USD 15 will see a duty reduction from 150 per cent to 100 per cent in the first year, then decreasing gradually to 50 per cent over 10 years. For wines costing USD 15 or more, he said, the initial duty cut is from 150 per cent to 75 per cent, eventually reducing to 25 per cent after 10 ...

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...

$100 billion FDI is a massive number. It took my breath away, said Swiss State Secretary for Economic Affairs Helene Budliger Artieda