India and the four-nation bloc EFTA have agreed for early conclusion of negotiations for a free trade agreement, which aims at increasing economic ties between the countries, the commerce ministry said on Wednesday. India and European Free Trade Association (EFTA) states -- Iceland, Liechtenstein, Norway, and Switzerland -- are negotiating the Trade and Economic Partnership Agreement (TEPA). Commerce and Industry Minister Piyush Goyal held discussions on the progress of the agreement with a delegation from the European Free Trade Association, led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, in London on July 11 and 12. Helene Budliger Artieda was also accompanied with the industry stakeholders from pharmaceutical, machinery and electronics of EFTA states. "The deliberations between the minister Piyush Goyal and state secretary Helene Budliger Artieda were fruitful and detailed discussions on crucial issues, with the shared goal of swiftly concluding t
EFTA received this proposal from India with an open and positive mind, says Swiss State Secretary for Economic Affairs Helene Budliger Artieda
India and the four-nation bloc EFTA on Wednesday discussed ways to resume negotiations for a free trade agreement with a view to strengthening economic ties between the two regions. The subject came up for discussion during a meeting of high-level representatives from India and the European Free Trade Association (EFTA) states (Iceland, Liechtenstein, Norway, and Switzerland) here. Both sides "discuss the prospects of resuming their negotiations towards a Trade and Economic Partnership Agreement (TEPA)," the commerce ministry said in a statement. Free trade agreements between the two regions are officially dubbed TEPA. Under such pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments. The high-level delegations were composed of Commerce and Industry Minister Piyush Goyal; Jan Christian Vestre, Minister of Trade and Industry of Norway; Helene ..
The development comes in the backdrop of a meeting between high-level delegations from India and EFTA to boost bilateral trade and economic partnership
"We aim to use technology in every sphere to serve the people of India in a big way. Today, we are showcasing our developmental model to the rest of the world," Goyal said
Asserts that India's self reliance drive isn't about closing doors but opening them wider, with the aim of letting competitive and comparative advantages determine international trade
Four EFTA members are - Switzerland, Iceland, Norway and Liechtenstein