Dedicated EFTA desk launched to expand trade between India, member countries

Union Minister for Commerce and Industry Piyush Goyal represented India at the formal launch of the platform at the event in Bharat Mandapam.

This dedicated resource desk is designed to help companies from the EFTA states prepare for the opportunities unlocked by the EFTA-India Trade and Economic Partnership Agreement (TEPA), signed on March 10, 2024.

"The Desk will serve as a central point of contact for EFTA businesses looking to expand into India, addressing investor concerns and resolving issues that they may face, including providing support and guidance on expansions into new markets and maintaining a comprehensive database of investment opportunities," EFTA said in a statement.

While the TEPA has yet to formally enter into force, businesses across the four EFTA States are actively preparing for the new trade conditions, exploring investment opportunities, and strengthening commercial ties with Indian partners, the EFTA statement added.

Over 100 EFTA businesses visit India this week to explore its opportunities, the result of deliberate efforts by the EFTA States to raise awareness of the TEPA's benefits.

This rich interest by EFTA businesses aligns with the shared goals in the TEPA of investing USD 100 billion and creating 1 million jobs in India over the course of the next 15-20 years, the European trade association said.

Piyush Goyal termed the launching of EFTA desk as a defining moment.

"It makes easier to do business in India, ensure seamless flow of capital and resources both ways, navigate any areas of concern that may crop up, and then, of course, as we work together, it will also help us in our overall scheme of things, in the Indian government, to promote ease of doing business, not only for the four after countries, but for all investors and trade, trade and business world across the world," minister Goyal said.

Tomas Norvoll, Deputy Minister in The Norwegian Ministry of Trade, Industry and Fisheries, as was quoted in the EFTA statement, said, ""The opening of a dedicated EFTA Desk will be of great help to Norwegian companies that want to enter the Indian market and marks an important milestone in our joint efforts in making business and investment easier for businesses."

Martin Eyjolfsson, Permanent Secretary of State, Ministry of Foreign Affairs of Iceland, said from renewable energy to fisheries, the potential for collaboration is truly endless.

"It is now our shared responsibility to promote and facilitate trade and investment opportunities between our countries--a significant step in that direction being taken with the launch of the EFTA Desk here today," Eyjolfsson said.

Dominique Hasler, Minister of Foreign Affairs, Education and Sports of Liechtenstein noted, "As small as Liechtenstein may seem in absolute terms in comparison to India, I am convinced that our companies will make a valuable and high quality contribution to the realization of India's economic aspirations, be it for enhancing infrastructure, boosting manufacturing or fostering innovation and technology as well as a highly qualified workforce."

Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland, said, "The opening of the EFTA Desk by India and the impressive presence of EFTA companies in Delhi today show that the TEPA is more than just text and promises. We are fully committed to implementing the TEPA and bringing this win-win partnership to life." (ANI)