India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein, have taken a significant step in deepening economic collaboration with the launch of the India-EFTA Desk. This initiative follows the signing of the India-EFTA Trade and Economic Partnership Agreement (TEPA), making EFTA the first European bloc to formalise a trade pact with India.
Union Minister for Commerce and Industry Shri Piyush Goyal hailed TEPA as a landmark agreement, emphasising India鈥檚 growing global trade presence. 鈥淭his desk will serve as a bridge, ensuring transparency, trust, and ease of doing business,鈥� he stated, outlining India鈥檚 ambition to surpass $100 billion in EFTA investments. The desk is aimed at providing structured support for EFTA businesses interested in investing or expanding operations in India.
The inauguration event was attended by high-ranking dignitaries from all four EFTA countries, reinforcing their commitment to strengthening economic ties.
Switzerland's State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, praised TEPA as a 鈥渘ew chapter鈥� for investment promotion. She highlighted Switzerland鈥檚 CHF 10 billion in FDI to India, which has generated over 146,000 jobs, especially in manufacturing. She also suggested that an Invest India office in Switzerland could further boost investments.
Norway鈥檚 State Secretary of Trade and Industry, Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the 鈥渓anding strip鈥� for businesses. He noted the doubling of Norwegian companies in India over the last decade, driven by investments from Norway鈥檚 sovereign wealth fund, now valued at $31.4 billion.
Iceland鈥檚 Permanent Secretary for Foreign Affairs, Martin Eyjolfsson, called TEPA the 鈥渕ost significant trade agreement EFTA has signed in decades,鈥� emphasizing India鈥檚 strategic importance. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals.
Liechtenstein鈥檚 Minister of External Affairs, Dominique Hasler, stressed the Desk鈥檚 role in facilitating high-value manufacturing and innovation. She pointed to the success of Hilti in India and expressed optimism that TEPA would encourage more companies from Liechtenstein to expand.
The India-EFTA Desk will drive investment in sectors such as renewable energy, life sciences, engineering, and digital transformation. Shri Amardeep Singh Bhatia, Secretary of DPIIT, noted that TEPA would foster joint ventures, SME collaborations, and technology partnerships, with the Desk assisting EFTA businesses in navigating regulatory processes.
Union Minister of State Shri Jitin Prasada underscored EFTA鈥檚 strategic importance to India鈥檚 development goals. He highlighted Norway鈥檚 expertise in green shipping, Switzerland鈥檚 advances in rail networks, Iceland鈥檚 leadership in geothermal energy, and Liechtenstein鈥檚 high-value manufacturing as key areas of cooperation, alongside research collaborations between Indian Institutes of Technology (IITs) and Norway鈥檚 Arctic University.
Following the Desk鈥檚 inauguration, a Business Roundtable chaired by Shri Piyush Goyal identified opportunities in sectors such as seafood, energy, pharmaceuticals, engineering, and food processing.
The India-EFTA Desk will serve as the primary platform for ongoing business-government dialogue. The Indian government has committed to working closely with EFTA partners to unlock the full potential of TEPA. Concluding the discussions, Shri Piyush Goyal described TEPA as a 鈥渕odel agreement,鈥� reaffirming India鈥檚 readiness to build a prosperous future with EFTA: 鈥淚ndia is ready when you are. Let鈥檚 build this future together.鈥�
The inauguration of the India-EFTA Desk marks the beginning of a new era of economic cooperation, ensuring that businesses from both regions thrive in an era driven by sustainability and innovation.
(PIB)
India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein, have taken a significant step in deepening economic collaboration with the launch of the India-EFTA Desk. This initiative follows the signing of the India-EFTA Trade and Economic Partnership Agreement (TEPA), making EFTA the first European bloc to formalise a trade pact with India. Union Minister for Commerce and Industry Shri Piyush Goyal hailed TEPA as a landmark agreement, emphasising India鈥檚 growing global trade presence. 鈥淭his desk will serve as a bridge, ensuring transparency, trust, and ease of doing business,鈥� he stated, outlining India鈥檚 ambition to surpass $100 billion in EFTA investments. The desk is aimed at providing structured support for EFTA businesses interested in investing or expanding operations in India. The inauguration event was attended by high-ranking dignitaries from all four EFTA countries, reinforcing their commitment to strengthening economic ties. Switzerland's State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, praised TEPA as a 鈥渘ew chapter鈥� for investment promotion. She highlighted Switzerland鈥檚 CHF 10 billion in FDI to India, which has generated over 146,000 jobs, especially in manufacturing. She also suggested that an Invest India office in Switzerland could further boost investments. Norway鈥檚 State Secretary of Trade and Industry, Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the 鈥渓anding strip鈥� for businesses. He noted the doubling of Norwegian companies in India over the last decade, driven by investments from Norway鈥檚 sovereign wealth fund, now valued at $31.4 billion. Iceland鈥檚 Permanent Secretary for Foreign Affairs, Martin Eyjolfsson, called TEPA the 鈥渕ost significant trade agreement EFTA has signed in decades,鈥� emphasizing India鈥檚 strategic importance. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals. Liechtenstein鈥檚 Minister of External Affairs, Dominique Hasler, stressed the Desk鈥檚 role in facilitating high-value manufacturing and innovation. She pointed to the success of Hilti in India and expressed optimism that TEPA would encourage more companies from Liechtenstein to expand. The India-EFTA Desk will drive investment in sectors such as renewable energy, life sciences, engineering, and digital transformation. Shri Amardeep Singh Bhatia, Secretary of DPIIT, noted that TEPA would foster joint ventures, SME collaborations, and technology partnerships, with the Desk assisting EFTA businesses in navigating regulatory processes. Union Minister of State Shri Jitin Prasada underscored EFTA鈥檚 strategic importance to India鈥檚 development goals. He highlighted Norway鈥檚 expertise in green shipping, Switzerland鈥檚 advances in rail networks, Iceland鈥檚 leadership in geothermal energy, and Liechtenstein鈥檚 high-value manufacturing as key areas of cooperation, alongside research collaborations between Indian Institutes of Technology (IITs) and Norway鈥檚 Arctic University. Following the Desk鈥檚 inauguration, a Business Roundtable chaired by Shri Piyush Goyal identified opportunities in sectors such as seafood, energy, pharmaceuticals, engineering, and food processing. The India-EFTA Desk will serve as the primary platform for ongoing business-government dialogue. The Indian government has committed to working closely with EFTA partners to unlock the full potential of TEPA. Concluding the discussions, Shri Piyush Goyal described TEPA as a 鈥渕odel agreement,鈥� reaffirming India鈥檚 readiness to build a prosperous future with EFTA: 鈥淚ndia is ready when you are. Let鈥檚 build this future together.鈥� The inauguration of the India-EFTA Desk marks the beginning of a new era of economic cooperation, ensuring that businesses from both regions thrive in an era driven by sustainability and innovation. (PIB)
