India is strengthening its trade ties with the European Free Trade Association (EFTA) by launching a dedicated platform.

Description

India is strengthening its trade ties with the European Free Trade Association (EFTA) by launching a dedicated platform. This move follows the signing of the Trade and Economic Partnership Agreement (TEPA) in March 2024, aimed at boosting trade and investment between India and the four EFTA member states— Iceland, Liechtenstein, Norway, and Switzerland. The newly established EFTA desk will help facilitate business operations and investment opportunities between these regions.

Key Fact About EFTA

The European Free Trade Association (EFTA) was established in 1960 and consists of four member nations: Iceland, Liechtenstein, Norway, and Switzerland. The organization promotes free trade and economic cooperation both within the group and with global partners. EFTA also manages various trade agreements, including the Agreement on the European Economic Area (EEA), linking EFTA states with the EU.

Trade And Economic Partnership Agreement (TEPA)

The TEPA agreement, signed in March 2024, is aimed at enhancing India’s economic relationships with EFTA. Set to come into effect by the end of 2025, the agreement promises significant trade benefits, including a $100 billion investment commitment over the next 15 years. It also offers reduced or zero tariffs on products such as Swiss watches and chocolates, marking an important step in India’s ongoing trade negotiations.

Growth In Investment And Trade

In 2023-24, trade between India and EFTA reached around $24 billion, a noticeable increase from $18.65 billion the previous year. Switzerland remains the largest trading partner within the EFTA bloc and is a significant source of foreign direct investment (FDI) in India. Between April 2000 and September 2024, India attracted $10.72 billion in FDI from Switzerland. However, the current trade balance is tilted in favor of EFTA countries.

Functions Of EFTA Desk

The EFTA desk aims to assist companies from the EFTA region seeking to invest in India. It will provide market insights, regulatory advice, and business matchmaking services. Its role is to ease the process for EFTA companies navigating the Indian business environment and promote greater collaboration between Indian and EFTA businesses.

Business Roundtable Initiatives

A high-level business roundtable between EFTA and India will bring together over 100 key businesses to explore opportunities in sectors such as pharmaceuticals, life sciences, and agritech. The roundtable, under the TEPA framework, aims to foster joint ventures, investment opportunities, and technology partnerships between India and EFTA nations.

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