New Delhi: According to a joint statement issued by the Ministry of Commerce & Industry on Monday, the Indian government and the European Free Trade Association (EFTA) states are moving closer to a new Trade and Economic Partnership Agreement (TEPA).
The two parties conducted a ministerial conference in Brussels where they talked about the engagement rules for pursuing a thorough Trade and Economic Partnership Agreement. To reach a fair, equitable, and balanced agreement, it is crucial, including Union Commerce & Industry Minister Piyush Goyal, to base their discussions on the tenets of trust and respect for one another's sensibilities, said the Swiss Federal Councillor Guy Parmelin and representatives from EFTA states.
A TEPA between India and the EFTA, if it is effective, might result in integrated and robust supply chains, new business and personal opportunities, greater trade and investment flows, job creation, and economic growth. The joint statement said that in order to reach an agreement on crucial TEPA-related matters, the delegations "agreed to step up their efforts and continue their discussions at a steady pace, with several more meetings planned over the coming months."
India represents around 2.5% of India's total merchandise trade in 2020–21, making it the ninth-largest trading partner of EFTA. India primarily exports textiles, chemicals, gems & jewellery, machinery, and pharmaceuticals to EFTA. Machinery, chemicals, precious metals, and medical equipment are among India's significant EFTA imports.
The European Free Trade Association (EFTA) is an intergovernmental organization that promotes free trade and economic cooperation among its member states. It was established in 1960 by seven European countries: Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom. The primary objective of EFTA is to promote trade liberalization and facilitate economic integration among its member states. The European Free Trade Association (EFTA) is an intergovernmental organization that facilitates free trade and economic cooperation among its member states, promoting trade liberalization and serving as a platform for negotiations with other countries and regions.
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