Hope pact with Europe free trade bloc is effective late 2025
Minister Goyal
This story was originally published at 18:50 IST on 10 February 2025
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NEW DELHI – India hopes that the Trade and Economic Partnership Agreement – a free trade agreement – with the European Free Trade Association comes into effect in the latter half of 2025, Commerce and Industry Minister Piyush Goyal said. The two sides had signed the pact in March 2024.
While India has already ratified the trade pact, other EFTA member nations are yet to approve it, Goyal said. The European bloc comprises all non-European Union nations – Switzerland, Norway, Iceland, and Liechtenstein.
Goyal also launched the India-EFTA Desk on Wednesday with representatives from each of the four nations. The dedicated platform will serve as a bridge between businesses on the two sides, providing regulatory guidance. The India-EFTA Desk is likely to strengthen trade and investment ties under the free trade agreement, which also entails foreign direct investment of $100 billion into India.
The trade agreement comprises 14 chapters with the main focus on market access related to goods, rules of origin, trade facilitation, trade remedies, sanitary and phyto-sanitary measures, technical barriers to trade, investment promotion, market access to services, intellectual property rights, trade and sustainable development and other legal and horizontal provisions.
India had total trade of $24 billion with the reagion in 2023-24 (Apr-Mar), which included imports worth $22.06 billion. End
US$1 = INR 87.48
Reported by Krity Ambey
Edited by Avishek Dutta
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