India to inaugurat EFTA Desk to bolster economic ties with 4
India to inaugurat EFTA Desk to bolster economic ties with 4 European nations today
Union Minister for Commerce and Industry Piyush Goyal along with his counterparts from European Free Trade Association bloc will inaugurate the EFTA Desk at Bharat Mandapam in the national Capital
NEW DELHI — 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.
