Eu Trade Pact

India-EFTA trade pact may come into force before end of 2025: Goyal

The implementation process of free trade agreement (FTA) between India and the four-nation European bloc EFTA is progressing fast and is expected to come into force before the end of this year, Commerce and Industry Minister Piyush Goyal said. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. 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. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "Yes, EFTA is progressing very fast," Goyal told PTI when asked if the agreement would come into effect this year. The minister said the Swiss Council of States has approved the agreement and now will go to their National Council for approval. "So this overwhelming support in political circles in Switzerland for the TEPA wi

Govt continuously taking initiatives to conclude trade pacts: RS told

The government is continuously taking initiatives to conclude trade agreements with key countries to expand its share in world commerce, Parliament was informed on Friday. These initiatives include bilateral meetings, stakeholder consultations, and the exchange of trade data, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to Rajya Sabha. She also said a number of bilateral meetings have been held with the Eurasian Economic Union (EaEU) to discuss the trade agreement. Draft texts and terms of reference have been exchanged. "EaEU's trade data from January 2022 onwards, necessary to determine the scope of the agreement and potential gains from the agreement, is awaited from EaEU," she said, adding that "the government is continuously taking initiatives to conclude trade agreements with significant trade partners, including EaEU, with a view to expanding its share in world trade". In a separate reply, the minister said India's mobile phone exports h

British, Irish prime ministers discuss progress in EU trade negotiations

Johnson spoke with Martin on Friday evening and discussed progress in UK-EU trade negotiations, the UK government said, at a time when differences remained with the EU on a Brexit trade deal

No trade deal immediately after Brexit to hurt Britain more, says EU chief

Britain is due to leave the European Union on January 31, but will remain in a transitional arrangement until the end of the year while negotiators debate future trade ties.

India, Spain emphasise need for EU trade pact

The importance of making progress on the pact was highlighted in a joint statement