Union Minister for Commerce & Industry Piyush Goyal during the signing of the India-European Free Trade Association (EFTA) Trade & Economic Partnership Agreement, in New Delhi on March 10, 2024.
| Photo Credit: PTI
India is setting up a dedicated platform — EFTA (European Free Trade Association) desk — to promote trade, investment, and business facilitation between the two regions, an official statement said on Monday (February 10, 2025).
India and the four European nations EFTA bloc signed a free trade agreement (FTA) on March 10 last year to boost trade and investment ties.
The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), is expected to come into force by the end of this year.
The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.
The setting up of the desk is important as under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.
This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far.
It will be inaugurated by Commerce and Industry Minister Piyush Goyal along with the EFTA bloc represented by Helene Budliger Artieda, Swiss State Secretary; Tomas Norvoll, State Secretary of Trade and Industry, Norway; Martin Eyjolfsson, Permanent Secretary of State, Iceland; and Dominique Hasler, Minister of External Affairs, Liechtenstein among other representatives at Bharat Mandapam on Monday.
It “aims to serve as a dedicated platform to promote trade, investment, and business facilitation between India and the four EFTA nations”, the Commerce Ministry said.
The 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, it added.
A high-level EFTA-India business roundtable will also meet in New Delhi.
Over 100 leading businesses from India and EFTA nations, aimed at fostering collaboration across key sectors, including pharma, life sciences, financial services, fintech, engineering, energy, seafood, maritime, food processing, agritech will participate in the roundtable discussions.
“The roundtable will provide a structured forum for companies to explore joint ventures, investment opportunities, and technology partnerships under the framework of TEPA,” it added.
India-EFTA two-way trade was about $24 billion in 2023-24 against $18.65 billion in 2022-23.
The trade gap is in the favour of the bloc.
Switzerland is the largest trading partner and investor in India followed by Norway in the bloc.
India received $10.72 billion in foreign direct investment from Switzerland during April 2000 and September 2024.
Published – February 10, 2025 11:59 am IST
