Industry Should Tap USD 100 Bn Investment Opportunity Under Indiaefta Pact: Piyush Goyal

(MENAFN- KNN India) New Delhi, Mar 14 (KNN) Highlighting a legally binding USD 100 billion foreign direct investment (FDI) commitment from the four member countries of the European Free Trade Association (EFTA), Union Commerce and Industry Minister Piyush Goyal urged industry leaders to make full use of opportunities under the India–EFTA Trade and Economic Partnership Agreement (TEPA).

Speaking at a commemorative session marking two years of the agreement, organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the minister described the pact as a significant step in strengthening India's economic engagement with Europe and deepening long-term trade and investment ties.

Industry Outreach and Global Opportunities

The minister also announced the creation of a dedicated free trade agreement (FTA) desk in western India to help businesses explore opportunities arising from India's trade agreements.

He called on ASSOCHAM to connect MSMEs, women entrepreneurs, farmers, seafood exporters and service professionals with global markets through these trade frameworks.

Despite ongoing geopolitical uncertainties, Goyal expressed confidence that Indian businesses will expand internationally by leveraging opportunities from India's growing network of trade agreements.

Market Access and Sector Protection

Describing TEPA as a comprehensive pact covering trade, investment, technology and innovation, Goyal said it offers near-complete market access across the four EFTA countries, particularly benefiting India's services sector.

At the same time, he noted that sensitive sectors such as agriculture and dairy remain protected. The agreement does not extend concessions to genetically modified products, ensuring safeguards for farmers, fishermen and micro, small and medium enterprises (MSMEs).

Investment Commitment and Safeguards

According to Goyal, the TEPA includes an unprecedented legally binding investment commitment from the four EFTA members-Switzerland, Norway, Liechtenstein and Iceland-which is expected to support job creation and industrial growth in India.

The agreement also contains a safeguard clause allowing India to withdraw free trade benefits if the promised investment commitments are not fulfilled.

Highlighting early progress, the minister said Iceland has already invested about USD 30 million in the fisheries sector in the state of Maharashtra.

(KNN Bureau)

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