India signs Trade, Economic Partnership Agreement with EFTA

NEW DELHI, March 10 (KUNA) -- India and European Free Trade Association (EFTA) signed on Sunday a Trade and Economic Partnership Agreement (TEPA) in New Delhi to promote free trade and economic integration between the two sides.

The Indian Ministry of Commerce and Industry said in a statement The Indian Cabinet chaired by Prime Minister Narendra Modi has approved signing of the TEPA with EFTA.
Speaking on the occasion, Indian Minister of Commerce and Industry, Consumer Affairs, food and public distribution, Shri Piyush Goyal said: "TEPA is a modern and ambitious trade agreement. For the first time, India is signing FTA with four developed nations - an important economic bloc in Europe." He continued, "For the first time in history of FTAs, binding commitment of USD 100 billion investment and one million direct jobs in the next 15 years has been given." The minister also said that the agreement will provide opportunities to India's young and talented workforce in addition to giving a window to Indian exporters to access large European and global markets.
The agreement mainly focuses on market access related to goods and services, trade facilitation, trade remedies, technical barriers to trade, investment promotion, intellectual property rights and sustainable development.
EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four member states Switzerland, Iceland, Norway and Liechtenstein. (end) atk.dm.