India and the European Free Trade Association (EFTA), consisting of Switzerland, Norway, Iceland, and Liechtenstein, inked a significant economic accord on Sunday, marking the culmination of nearly 16 years of negotiations. Commerce and Industry Minister Piyush Goyal, speaking after the signing ceremony, hailed the Trade and Economic Partnership Agreement (TEPA) as a pivotal step towards enhancing trade and foreign investment.
Under TEPA, the EFTA nations have committed to investing $100 billion in India over a span of 15 years, recognizing India as the world's fastest-growing economy. Goyal emphasized the potential of this agreement to bolster economic growth and job creation in India.
Switzerland's Economic Affairs Minister, Guy Parmelin, echoed this sentiment, foreseeing increased foreign direct investment (FDI) and the infusion of innovative technologies into India's manufacturing sector, thereby aligning with the objectives of the 'Make in India' campaign.
From India's perspective, the pact offers access to the vast market and economic opportunities presented by the EFTA bloc, further enhancing bilateral trade relations.
Prime Minister Narendra Modi welcomed the agreement, emphasizing the complementary nature of the economies involved and the potential for mutual benefit. He expressed confidence in the agreement's ability to foster fair and equitable trade, driving growth and employment opportunities, particularly for the youth.
Modi assured full support to EFTA countries, pledging to facilitate industries and businesses to not only meet but surpass the committed targets. He envisioned the agreement as a catalyst for a more prosperous future for all nations involved.
The signing ceremony saw participation from key officials of the EFTA bloc, including Guy Parmelin of Switzerland, Bjarni Benediktsson of Iceland, Dominique Hasler of Liechtenstein, and Jan Christian Vestre of Norway. The journey towards enhancing economic ties between India and EFTA commenced in January 2008 and has culminated in this landmark agreement.
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