India Signs Trade and Economic Partnership Agreement with EFTA, Expects Boost in Exports

The Indian government has announced the signing of a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) on March 10, 2024. This move comes as a significant step in increasing trade and economic cooperation between India and the EFTA member countries, including Iceland, Liechtenstein, Norway, and Switzerland. Commerce and Industry Minister Piyush Goyal has emphasized the importance of the agreement, stating that it will provide greater market access to labor-intensive sectors such as leather, plastics, and textiles in FTA partner countries.

Key Takeaways:

• The Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024, between India and the European Free Trade Association (EFTA).
• Commerce and Industry Minister Piyush Goyal has discussed ongoing trade talks with the US and EU, and the need for exporters to increase the utilization of free trade agreements (FTAs).
• The minister assured that labor-intensive sectors such as leather, plastics, and textiles would get greater market access in FTA partner countries.
• The Indian government plans to support exporters to deal with European Union (EU) regulations like Digital Product Passport (DPP).
• The talks for a trade pact with the EU will get an impetus with Goyal's visit to Italy, France, and potentially Switzerland in June.
• The agreement may provide an impetus to boost exports of services and value-added goods.
• The Indian government is expected to establish a centralized exporters portal to facilitate trade.

Statistics:

• The EFTA member countries include Iceland, Liechtenstein, Norway, and Switzerland.
• The Indian government plans to provide support to exporters to deal with EU regulations like Digital Product Passport (DPP).
• The trade talks with the EU will get an impetus with Goyal's visit in June.

Sources:

• Accord Fintech Pvt. Ltd.
• Contify.com