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India, EFTA strengthen economic ties with Inauguration of Desk

 

By TIOL News Service

NEW DELHI, FEB 11, 2025: INDIA and the European Free Trade Association (EFTA) - comprising Switzerland, Norway, Iceland, and Liechtenstein - have taken a significant step towards 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), which positions EFTA as the first European bloc to formalize a trade pact with India. Union Minister for Commerce and Industry, Piyush Goyal hailed TEPA as a landmark agreement, emphasizing India's growing role in global trade. "This desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business," he stated. He underscored India's ambition to surpass USD100 billion in EFTA investments, highlighting the country's commitment to fostering equitable and mutually beneficial trade relationships.

The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties.

Switzerland's State Secretary for Economic Affairs, Helene Budliger Artieda, described TEPA as a "new chapter for investment promotion and cooperation," citing over CHF 10 billion in Swiss FDI that has created 146,000+ jobs in India, particularly in manufacturing. She projected a surge in investments across precision industries, chemicals, food processing, and pharmaceuticals, suggesting that an Invest India office in Switzerland could further drive investment flows.

Norway's State Secretary of Trade and Industry, Mr. Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the landing strip for businesses. He noted that Norwegian companies in India have doubled in the last decade, with sovereign wealth fund assets reaching USD31.4 billion.

Iceland's Permanent Secretary for Foreign Affairs, Mr. Martin Eyjolfsson, called TEPA "the most significant trade agreement EFTA has signed in decades," reinforcing India's role as a key economic partner for Europe. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals, positioning TEPA as a stabilizing force amid global economic uncertainty.

Liechtenstein's Minister of External Affairs, Education, and Sport, Dominique Hasler, emphasized the Desk's role in facilitating high-value manufacturing and innovation-driven industries. She pointed to Hilti's success in India and expressed optimism that TEPA would encourage more Liechtenstein-based firms to expand.

The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation. Secretary, DPIIT, Amardeep Singh Bhatia, noted that TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.

Union Minister of State, Jitin Prasada, highlighted EFTA's strategic importance to India's development goals, citing Norway's expertise in green shipping, Switzerland's advancements in rail networks, Iceland's leadership in geothermal energy, and Liechtenstein's high-value manufacturing. He also pointed to research collaborations between IITs and the Arctic University of Norway, demonstrating TEPA's broader scope beyond trade.

Following the Desk's inauguration, a high-level Business Roundtable chaired by Piyush Goyal convened to explore opportunities and address trade challenges. Discussions identified key sectors, including seafood & maritime, energy, financial services, pharmaceuticals, engineering, and food processing.

Looking ahead, the India-EFTA Desk will serve as the primary channel for fostering continuous business-government dialogue. The Indian government has pledged to work closely with EFTA partners to unlock TEPA's full potential. Concluding the discussions, Piyush Goyal called TEPA a "model agreement" and reaffirmed India's readiness to build a robust future with EFTA, stating: "India is ready when you are. Let's build this future together."

With the official inauguration of the EFTA Desk, India and EFTA have entered a new era of economic cooperation, ensuring that businesses from both regions thrive in an era of sustainable and innovation-driven growth.

 


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