India-EFTA trade pact to come into effect in September: Piyush Goyal
India's trade agreement with the European Free Trade Association (EFTA) comprising Switzerland, Norway, Iceland and Liechtenstein will come into effect in September, commerce and industry minister
Piyush Goyal
said on Monday.
Goyal also said talks on a trade deal with the European Union could be concluded "faster than expected".
India had already created a dedicated desk under Invest India for companies from the EFTA bloc to facilitate investment in India, he said, adding: "It will enter into force by September."
The agreement has received approval from the parliaments of all four countries, Goyal said. In Switzerland, there is an objection period open until July 10 when citizens could challenge the pact. July and August are holiday months here.
New Delhi and the EFTA nations had signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. The agreement envisages an investment commitment of $100 billion in 15 years from the grouping into India in lieu of customs duty cuts. This commitment, Goyal said, was included for the first time in a trade deal.
Goyal, who is on a four-day visit to Switzerland and Sweden, said companies in biotech, cybersecurity, healthcare and machinery manufacturing have shown interest in investing in India. A delegation of 90 Indian companies is accompanying Goyal on this visit to meet local leaders and businesses to promote trade and investments.
Goyal said he held bilateral meetings with over a dozen companies here and most of them are keen to invest in India. He said a delegation of 100 companies had visited India in February and some of them are keen to test market their products
"There is a lot of excitement here for India," he said, adding that the trade deal will bring predictability, continuity and stability of the policy regime for investors from both sides.
He was talking to journalists after his meeting with Swiss industry here.
Prime Minister Narendra Modi's government, which has completed 11 years, has gone from a position of strength to negotiate free trade deals with advanced economies, Goyal said.
New Delhi is in talks with the US for a bilateral trade deal, he said. India has already signed an early harvest deal with Australia and is also actively negotiating agreements with New Zealand, Chile, Peru and Oman.
Asked whether India is prepared to finalise a trade agreement with the US by prioritising low-hanging fruits, Goyal said, "India is always ready for that and I believe that" the things, which are not controversial, the low-hanging fruits, should be captured first as those sectors will start getting profits.
(The correspondent is in Switzerland at the invitation of the Ministry of Commerce and Industry.)
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