In the urban expanse of New Delhi, India inked a momentous accord, solidifying the Free Trade Agreement (FTA) with the distinguished European Free Trade Association (EFTA) bloc, comprising Iceland, Liechtenstein, Norway, and Switzerland. Steering the helm of the India-EFTA trade agreement meeting on a Sunday was none other than the sagacious Union Commerce Minister, Piyush Goyal.
The EFTA, a regional trade bastion, knit together by the aspirations of fostering unbridled trade and economic confluence, witnessed the orchestration of this historical event. On the same day, the luminaries from Iceland and Liechtenstein, namely Foreign Minister Bjarni Benediktsson and Dominique Hasler, graced the national capital for the signing of the momentous Trade and Economic Participation Agreement (TEPA).
The ambitious pact envisages a staggering $100 billion infusion of investment into India over a span of 15 years, propelling it as the world’s fastest-growing economic juggernaut, as articulated by Minister Goyal. Switzerland’s Economic Affairs luminary, Guy Parmelin, opined that the ratified agreement would serve as a conduit for an upsurge in Foreign Direct Investment (FDI) and avant-garde technological influx, propelling India’s manufacturing prowess and ensuing job creation.
In the digital corridors of the Ministry of External Affairs (MEA), spokesperson Randhir Jaiswal extolled the visitation of the Liechtenstein minister, foreseeing an augmentation in the economic and commercial entwining of the two nations. He further expounded that Benediktsson’s sojourn would fortify the bonds between India and Iceland, resonating particularly in the realms of trade and investment.
Commending the sagacity of the negotiators and signatories entwined in the penning of the Trade and Economic Participation Agreement (TEPA), Prime Minister Narendra Modi extended his felicitations. In a missive, he articulated, “May this entente herald the commencement of a nascent epoch in our nations’ trajectory toward a more opulent future for all.”
The protracted saga of negotiations between EFTA and India, spanning 15 years in the making, culminated in the finalization of the deal, braving through a labyrinthine 20 rounds of deliberations. Recent months have borne witness to a heightened level of engagement, underscoring the steadfast dedication of both entities to swiftly draw the TEPA negotiations to a triumphant close.
