India signs free trade agreement with European Free Trade Association; 'win-win situation for all nations

NEW DELHI: India and the four-nation European Free Trade Association (EFTA) on Sunday signed free trade agreement in the presence of Union commerce & industry minister Piyush Goyal.Speaking about the agreement Goyal said, "EFTA commits $100 billion investment in India under free trade pact in the next 15 years.""It is a momentous occasion. The signing of the Trade and Economic Partnership Agreement with the European Free Trade Association marks the culmination of nearly 15 years of hard work, tremendous energy, and effort," he added.Federal councillor Guy Parmelin, speaking on behalf of the EFTA Member States, said, "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," Federal Councillor Guy Parmelin, speaking on behalf of the EFTA Member States, said.Prime Minister Narendra Modi in a written message also congratulated everyone involved in the negotiations saying, "Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Partnership Agreement (TEPA)." "Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations," the message read.Goyal, co-chaired a meeting about the India-EFTA trade deal in New Delhi on Sunday. EFTA consists of Iceland, Liechtenstein, Norway, and Switzerland, aiming to boost free trade and economic integration.India and EFTA have been negotiating about a deal called the Trade and Economic Partnership Agreement (TEPA) since January 2008 to strengthen their economic connections. The agreement covers various areas like trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion, cooperation, government procurement, technical barriers to trade, and trade facilitation.EFTA already has 29 free trade agreements (FTAs) with 40 countries, including as Canada, Chile, China, Mexico, and Korea.The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.(With inputs from agencies)