India and the European Free Trade Association (EFTA) have taken a significant step toward deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), making EFTA the first European bloc to formalize a trade pact with India.
Key Objectives of the India-EFTA Desk
- Acts as a bridge between businesses from both regions, ensuring transparency, trust, and ease of doing business.
- Provides structured support to EFTA businesses looking to invest, expand, or establish operations in India.
- Aims to surpass $100 billion in EFTA investments, fostering equitable and mutually beneficial trade relations.
India-EFTA Trade and Economic Partnership Agreement (TEPA)
- Signed on: 10th March 2024.
- Historic Commitment:
- First-ever legal commitment in an FTA to promote target-oriented investment and job creation.
- Market Access Benefits:
- EFTA’s Offer to India:
- 92.2% of its tariff lines, covering 99.6% of India’s exports.
- 100% market access for non-agricultural products.
- Tariff concessions on Processed Agricultural Products (PAP).
- Services Offer by EFTA:
- Improved access for digital services (Mode 1).
- Enhanced provisions for commercial presence (Mode 3).
- Greater commitments and certainty for the entry and temporary stay of key personnel (Mode 4).
- EFTA’s Offer to India:
About EFTA
- Founded in 1960, EFTA is an inter-governmental organization promoting free trade and economic integration among its four member states:
- Switzerland
- Iceland
- Norway
- Liechtenstein.
(Source: PIB)
