India (Commonwealth Union)_ India and the European Free Trade Association (EFTA) hailed the signing of a groundbreaking free trade agreement on Sunday, with Prime Minister Narendra Modi describing it as a “watershed moment.” PM Modi emphasized that the accord underscores India’s steadfast commitment to nurturing shared prosperity and forging a more inclusive partnership. The Trade and Economic Partnership Agreement (TEPA) between India and EFTA was formalized on Sunday. EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, operates as a trade organization and a free trade area.
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Expressing his pleasure at the signing, Prime Minister Modi took to social media to affirm the pact’s significance in advancing economic progress and creating opportunities, particularly for the youth. He foresees enhanced prosperity and mutual growth as bonds with EFTA nations strengthen. His statement on X reads as follows: “Delighted by the signing of the India-EFTA Trade & Economic Partnership Agreement. This landmark pact underlines our commitment to boosting economic progress and create opportunities for our youth. The times ahead will bring more prosperity and mutual growth as we strengthen our bonds with EFTA nations”.
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PM Modi hailed the trade deal as innovative and well-balanced, aligning with the developmental aspirations of both parties while promoting open, fair, and equitable trade. Under the agreement, EFTA has pledged to bolster investments, aiming to increase foreign direct investment in India by USD 100 billion over the next 15 years and generate one million direct jobs through such investments. India has been involved in negotiations for a Trade and Economic Partnership Agreement (TEPA) with EFTA nations—Switzerland, Iceland, Norway, and Liechtenstein—for several years.
March 10, 2024, marks a significant milestone in India’s bilateral relations with EFTA countries, and Modi extended his congratulations to the negotiators and signatories involved in the TEPA signing. He said, “The tenth of March 2024 marks a new turn and a watershed moment in the bilateral relationship between India and EFTA countries of Switzerland, Norway, Iceland and Liechtenstein. Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Participation Agreement (TEPA)”. The prime minister also commended the culmination of efforts in finalizing a trade deal that mirrors the developmental aspirations of both sides, emphasizing its pioneering nature and its role in fostering shared prosperity and a more inclusive partnership.
Despite structural differences, Modi highlighted the complementarities between the economies of India and EFTA countries, foreseeing mutual benefits for all parties involved. He emphasized India’s economic growth over the past decade and the country’s ambition to become the world’s third-largest economy, underscoring the importance of reforms in enhancing business environments. Additionally, Modi expressed confidence in collaboration with EFTA nations, leveraging their global leadership in various sectors to explore new avenues of cooperation. He assured full support to EFTA countries, not only in achieving the agreed targets but also in surpassing them, fostering a more prosperous future for all nations involved.
Union Commerce Minister Piyush Goyal, co-chairing the meeting on the India-EFTA trade agreement, praised the balanced and equitable nature of the deal, marking it as unprecedented in the history of free trade agreements. He acknowledged the culmination of nearly 15 years of diligent work and highlighted the momentousness of the occasion. External Affairs Minister S Jaishankar echoed the sentiment, describing the signing of the TEPA as a bold achievement and a testament to a new approach to international economic collaboration, heralding a new chapter in India’s partnership with EFTA nations.
