India, EFTA get ready to ink trade deal after 16 years of negotiations, key issues resolved: Official
India and the European Free Trade Association — the four-nation trading block comprising Iceland, Liechtenstein, Norway, and Switzerland — are close to signing a trade agreement
India and the European Free Trade Association (EFTA)—the four-nation trading block comprising Iceland, Liechtenstein, Norway, and Switzerland—are close to signing a trade agreement after both sides have reached an understanding on key issues, news agency PTI reported citing a senior official on Monday.
"Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the news agency quoted the official as saying
Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai.
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Parmelin, in a social media post on X (formerly known as Twitter), has said that officials are working around the clock to settle last details so that it can be signed as soon as possible.
"At the last-minute invitation of my Indian counterpart @PiyushGoyal, I travelled directly from the WEF in Davos to Mumbai/India. After 16 years of negotiations, we found balanced solutions to the main open issues of the EFTA-India trade agreement," Parmelin has said.
The last round of talks between the countries concluded on January 13 in India. It is important to note that both sides have been negotiating the trade deal, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties.
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Negotiations are held on various chapters, including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation.
EFTA has 29 free trade agreements (FTAs) with 40 partner countries, including Canada, Chile, China, Mexico, and Korea.
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Under free trade pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments.
EFTA countries are not part of the European Union (EU). It is an inter-governmental organisation for the promotion and intensification of free trade.
India's exports to the trading block during 2022-23 stood at $1.92 billion against $1.74 billion in 2021-22. Imports aggregated at $16.74 billion during the last fiscal compared to $25.5 billion in 2021-22.
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Business NewsNewsIndiaIndia, EFTA get ready to ink trade deal after 16 years of negotiations, key issues resolved: Official
First Published:22 Jan 2024, 10:17 PM IST
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