Indian Prime Minister Narendra Modi shared on social media platform X on Sunday, of India partnering with European Free Trade Association countries through the India-EFTA Trade and Economic Partnership Agreement (TEPA).
Established in order to benefit its four member states (Iceland, Liechtenstein, Norway, and Switzerland) and its commercial partners worldwide, the European Free Trade Association (EFTA) is an intergovernmental organization.
The TEPA with the EFTA States are cleared for signature by the union cabinet, which is led by Narendra Modi, reported Press Information Bureau (PIB).
PIB also mentioned India acquired commitments in 128 subsectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from Iceland, while the country has offered 105 subsectors to the EFTA.
Modi highlighted India securing the position of being the fifth largest economy, and the next goal is to make Indian economy the third largest in the world.
“Binding commitment of $100 billion investment and 1 million direct jobs in the next 15 years has been given,” said Piyush Goyal, Minister of Commerce and Industry and added, “The FTA will provide a window to Indian exporters to access large European and global market.”
The Australian government welcomed the Australia-India Economic Cooperation and Trade Agreement (ECTA), effective December 2022. Opportunities for trade diversification that were economically significant for Australian enterprises were provided by ECTA.
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