India and the European Free Trade Association (EFTA) States – Iceland, Liechtenstein, Norway, and Switzerland – on Sunday signed a landmark Trade and Economic Partnership Agreement (TEPA) which promises to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth.
Speaking on behalf of the EFTA Member States at the signing ceremony, Federal Councillor Guy Parmelin stated that “EFTA countries gain market access to a major growth market. Our companies strive to diversify their supply chains while rendering them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs. All in all, the TEPA will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA States”.
The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets. The agreement further aims to facilitate and promote investment opportunities between the Parties.
The TEPA was signed by Commerce Minister Piyush Goyal and Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research Guy Parmelin, Iceland Minister of Foreign Affairs Bjarni Benediktsson, Liechtenstein Minister of Foreign Affairs, Liechtenstein Dominique Hasler and Norway Trade and Industry Minister Jan Christian Vestre.
The agreement marks a significant milestone in the relationships between the EFTA states and India. It reflects the culmination of dedicated efforts to foster a deeper economic partnership, underscoring the importance of dialogue, cooperation, and mutual understanding, a press release from EFTA said.