New Delhi [India], October 1 (ANI): Union Commerce and Industry Minister Piyush Goyal on Wednesday hailed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) as a “truly historic day,” calling it a milestone in India’s trade diplomacy.
In a post on X, Goyal wrote, “Truly a historic day as the India-EFTA Trade and Economic Partnership Agreement (TEPA) comes into force. This will unlock new opportunities for trade, investment & job creation, benefiting our people & businesses. Look forward to working together to further strengthen economic ties for shared prosperity!”
The landmark agreement between India and the European Free Trade Association (EFTA) — comprising Switzerland, Iceland, Liechtenstein, and Norway — officially entered into force today. The occasion was marked by a high-level event in New Delhi hosted by Goyal, with Switzerland represented by Helene Budliger Artieda, Swiss State Secretary for Economic Affairs.
Artieda described the deal as “balanced,” highlighting India’s economic rise and vast market potential. “This is a 1.4 billion population. It’s a growing economy… a young population, which I think is great,” she said, noting that EFTA sees significant advantages in deepening trade with India.
Norwegian Ambassador to India May-Elin Stener also welcomed the agreement, calling it a boost for bilateral economic ties. Speaking to ANI, she said, “It’s a very good day for Norway-India relations. The entering into force of the trade and economic partnership agreement between EFTA and India opens up new doors for our companies. The number of Norwegian companies has doubled in the last 10 years, and so has the trade between Norway and India.”
She added that Norwegian firms, particularly in the energy and maritime sectors, are eager to collaborate with Indian companies to create innovative and sustainable solutions.
Finalized in March 2024, the India-EFTA free trade agreement adds to the list of FTAs India has signed in recent years, further strengthening the country’s role in global trade.
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