India Launches EFTA Desk to Enhance Economic Relations with Four European Nations
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Synopsis
On February 10, Union Minister Piyush Goyal will inaugurate the EFTA Desk in New Delhi, aimed at strengthening economic ties with Switzerland, Norway, Iceland, and Liechtenstein. The initiative aligns with the India-EFTA TEPA, providing a centralized support hub for trade and investment facilitation.
Key Takeaways
- Inauguration of the EFTA Desk in New Delhi.
- Strengthening economic relations with Switzerland, Norway, Iceland, and Liechtenstein.
- Centralized support for EFTA companies entering India.
- High-level business roundtable to foster collaboration.
- EFTA committed to $100 billion in foreign direct investment in India.
New Delhi, Feb 10 (NationPress) In a pivotal move aimed at strengthening economic relations with the European Free Trade Association (EFTA), Union Minister for Commerce and Industry Piyush Goyal will inaugurate the EFTA Desk at Bharat Mandapam in the national capital on Monday, alongside his EFTA counterparts.
This initiative aligns with the India-EFTA Trade and Economic Partnership Agreement (TEPA), which was finalized on March 10, 2024. The desk will act as a dedicated platform to enhance trade, investment, and business facilitation between India and the four EFTA countries: Switzerland, Norway, Iceland, and Liechtenstein, as stated by the Ministry of Commerce and Industry.
The EFTA bloc will be represented at the inauguration by Helene Budliger Artieda, Swiss State Secretary; Tomas Norvoll, State Secretary of Trade and Industry from Norway; Martin Eyjolfsson, Permanent Secretary of State for Iceland; and Dominique Hasler, Minister of External Affairs from Liechtenstein.
Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Commerce (DOC) will also speak at the event, elaborating on India’s vision for enhanced economic collaboration with EFTA nations.
The India-EFTA Dedicated Desk will serve as a centralized support hub for EFTA companies aspiring to expand into India.
This desk will offer market insights, regulatory guidance, business matchmaking, and aid in navigating India’s policy and investment environment.
Following the inauguration, a high-level EFTA-India Business Roundtable will take place, bringing together over 100 prominent businesses from India and EFTA nations. This roundtable aims to encourage collaboration across several key sectors, including pharmaceuticals and life sciences, financial services and fintech, mechanical and electrical engineering, energy and sustainability, seafood and maritime, food processing, and agritech.
The roundtable will provide a structured venue for businesses to explore joint ventures, investment opportunities, and technology partnerships as part of the trade and economic partnership agreement.
EFTA is committed to fostering investments to increase the stock of foreign direct investment in India by $100 billion over the next 15 years, aiming to create 1 million direct jobs in India through these investments. Note that these investments do not include foreign portfolio investments.
EFTA has offered 92.2% of its tariff lines, covering 99.6% of India’s exports to the region.
The EFTA market access offer includes 100% coverage of non-agricultural products and tariff concessions on Processed Agricultural Products (PAP).
According to the agreement, India will provide 82.7% of its tariff lines, covering 95.3% of EFTA exports, with more than 80% of imports being gold.
The effective duty on gold remains unchanged. Sensitive issues related to Production-Linked Incentive (PLI) in sectors like pharmaceuticals, medical devices, and processed foods have been considered during the offer extensions. Sectors such as dairy, soy, coal, and sensitive agricultural products are excluded.
