Strengthening ties: India and EFTA seal the deal | Fusion - WeRIndia

In a landmark move set to bolster economic relations, India has officially inked a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA).

This pivotal accord, signed on Sunday, marks a significant milestone in global trade dynamics. The Union Commerce Minister, Piyush Goyal, played a key role in this.

He co-chaired the critical meeting in the national capital that led to this historic signing.

EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, focuses on enhancing free trade and economic integration among its members.

This agreement with India promises to open new avenues for trade and economic collaboration.

Significantly, the Foreign Ministers of Iceland and Liechtenstein, made their presence felt in the capital, underscoring the importance of this agreement.

Their visits are a testament to the potential uplift in economic and commercial partnerships anticipated as a result of this agreement.

The Ministry of External Affairs (MEA) has been active in highlighting these developments.

One of the MEA spokespersons emphasized the expected boost in economic ties, particularly noting the potential for stronger trade and investment relationships with Iceland and Liechtenstein.

Prime Minister Narendra Modi expressed his enthusiasm for the agreement, envisioning it as a new chapter for a prosperous future.

His congratulatory message to the negotiators and signatories underscores the national importance of this agreement.

The journey to this agreement has been long, with discussions spanning 15 years and enduring 20 rounds of negotiations.

However, recent months saw a significant intensification in efforts from both sides. They showcased a mutual commitment to concluding the Trade and Economic Participation Agreement (TEPA) negotiations.

This agreement is a leap forward in international trade, promising economic benefits for India and the EFTA countries.

With the TEPA now in place, the future looks bright for an enhanced trade landscape, fostering growth and prosperity for all parties involved.

Image Credit: Eftaint, CC BY-SA 4.0, via Wikimedia Commons

Image Reference: https://commons.wikimedia.org/wiki/File:EFTA-logo_No_outline_With_Lines-01.png