India signed a free trade agreement (FTA) with the European Free Trade Association (EFTA) bloc.
The European Free Trade Association (EFTA) is a regional trade organisation consisting of four countries: Iceland, Liechtenstein, Norway and Switzerland. The aim of the association is to promote free trade and economic integration.
Union Commerce Minister Piyush Goyal co-chaired a meeting on the India-ETA trade agreement in the national capital on Sunday.
Earlier, the Foreign Minister of Iceland, Bjarni Benediktsson, and Liechtenstein, Dominique Hasler, arrived in the national capital for the signing of the Trade and Economic Participation Agreement (TEPA).
Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal announced the minister’s arrival. He added that Benediktsson’s visit would further strengthen India-Iceland ties, including in trade and investment.
Prime Minister Narendra Modi also congratulated the negotiators and parties involved in the signing of the Trade and Economic Participation Agreement (TEPA): “May this agreement mark the beginning of a new chapter in the journey of our nations towards a more prosperous future for us all.”
EFTA and India started negotiating a free trade agreement 15 years ago. It took 20 rounds to close the talks as India and EFTA have significantly intensified their engagement over the past few months.
