India To Inaugurate EFTA Desk To Bolster Economic Ties With 4 European Nations Today

(MENAFN- IANS) New Delhi, Feb 10 (IANS) In a significant step towards deepening economic ties with the European Free Trade Association (EFTA), Union Minister for Commerce and industry Piyush Goyal along with his counterparts from EFTA bloc will inaugurate the EFTA Desk at Bharat Mandapam in the national Capital on Monday.

The initiative, in line with the India-EFTA Trade and Economic Partnership Agreement (TEPA), which was signed on March 10, 2024, aims to serve as a dedicated platform to promote trade, investment, and business facilitation between India and the four EFTA nations - Switzerland, Norway, Iceland, and Liechtenstein, according to a statement issued by the Ministry of Commerce and Industry.

The EFTA bloc will be represented by Helene Budliger Artieda, Swiss State Secretary, Tomas Norvoll, State Secretary of Trade and Industry, Norway, Martin Eyjolfsson, Permanent Secretary of State, Iceland, Dominique Hasler, Minister of External Affairs, Liechtenstein at the inauguration ceremony.

Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Commerce (DOC) will also address the gathering, outlining India's vision for stronger economic engagement with EFTA nations.

The India-EFTA Dedicated Desk will act as a centralised support mechanism for EFTA companies looking to expand in India.

It will provide market insights and regulatory guidance, business matchmaking, and assistance in navigating India's policy and investment landscape.

After the inauguration, a high-level EFTA-India Business Roundtable will convene, featuring over 100 leading businesses from India and EFTA nations, aimed at fostering collaboration across 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 forum for companies to explore joint ventures, investment opportunities, and technology partnerships under the framework of the trade and economic partnership agreement.

EFTA has committed to promote investments with the aim to increase the stock of foreign direct investments by $100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. The investments do not cover foreign portfolio investment.

EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India's exports to the region.

The EFTA's market access offer covers 100 per cent of non-agri products and tariff concession on Processed Agricultural Products (PAP).

Under the agreement, India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of EFTA exports of which more than 80 per cent import is gold.

The effective duty on gold remains untouched. Sensitivity related to PLI in sectors such as pharma, medical devices and processed food etc. have been taken while extending offers. Sectors such as dairy, soya, coal and sensitive agricultural products are kept in the exclusion list.

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