India and European Free Trade Association take further steps towards a new Trade and Partnership Agreement
India and European Free
Trade Association take further
steps towards a new Trade and Partnership Agreement
Piyush Goyal discusses modalities of engagement for working towards a
comprehensive TEPA with EFTA representatives
Significant progress in taking forward the negotiations on India-EFTA TEPA
Piyush Goyal,
Union Minister of Commerce & Industry, Consumer Affairs & Food &
Public Distribution and Textiles, Government of India and leaders of European
Free Trade Association discussed today the modalities of engagement for working
towards a comprehensive Trade and Economic Partnership Agreement.
“India and the European Free Trade Association
(EFTA) States (Iceland, Liechtenstein, Norway, and Switzerland) have taken a
significant stride forward in their quest for a Trade and Economic Partnership
Agreement (TEPA). In a Ministerial meeting held in Brussels today, Piyush
Goyal, Minister of Commerce & Industry, Consumer Affairs & Food &
Public Distribution and Textiles of India, Guy Parmelin, Swiss Federal
Councillor and Head of the Federal Department of Economic Affairs, Education and
Research, Einar Gunnarsson, Ambassador, Permanent Representative at the
Permanent Mission of Iceland in Geneva; Kurt Jäger, Ambassador, Permanent
Representative at the Permanent Mission of Liechtenstein to EFTA, WTO and the
UN in Geneva, and Erik Andreas Underland, Specialist Director at the Norwegian
Ministry of Trade, Industry, and Fisheries, discussed the modalities of
engagement for working towards a comprehensive TEPA. This second Ministerial
gathering followed a series of expert meetings that took place online the
previous week.
The Ministerial meeting marked a significant milestone in
taking forward the negotiations on a TEPA between India and EFTA. Both sides
emphasised the importance of building their discussions on principles of trust
and respect for each other's sensitivities to achieve a fair, equitable and
balanced agreement. Indeed, a TEPA between EFTA and India could bring
significant economic benefits, such as integrated and resilient supply chains
and new opportunities for businesses and individuals on both sides leading to
increased trade and investment flows, job creation, and economic growth.
The delegations agreed to ramp up their efforts and
continue their discussions at a steady pace, with several more meetings planned
over the coming months, to arrive at a common understanding on critical issues
pertaining to TEPA.”