India signed a trade agreement with the European bloc, EFTA, made up of Singapore, Norway, Iceland, and Liechtenstein, on Sunday. The trade pact, titled Trade and Economic Participation Agreement (TEPA), has been in discussions since January 2008.
Prime Minister Narendra Modi hailed the trade agreement as a ‘watershed moment’ in the relationship between India and the EFTA bloc. He shared an official statement and said, “The culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations is commendable. One of the most pioneering free trade agreements ever concluded between our countries, TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people”.
A message by Prime Minister Narendra Modi as India signs Trade and Economic Participation Agreement (TEPA) with EFTA. pic.twitter.com/lwZDuvVAAC
— ANI (@ANI) March 10, 2024
The PM called the trade pact a ‘win-win’ situation for all parties involved. He stated that the deal would foster several trading and investment opportunities and help generate growth and employment for the youth.
Acknowledging the development in the EFTA nations, he said, “The global leadership of EFTA countries in innovation and R&D across diverse spheres such as digital trade, banking and financial services, transport and logistics, industrial machinery, bio technology, pharmaceuticals, chemicals, food processing and clean energy, will open up new doors of collaboration”.
Providing an insight into developmental goals, the PM noted, “In the last 10 years, India’s economy has taken a quantum leap, moving from being the world’s eleventh largest economy to the fifth largest. Our next goal is to make India’s economy the third largest economy in the world.”
Piyush Goyal also called the signing of the trade deal a ‘momentous occassion’. He stated that the signing of the trade agreement between both the sides is reflective of the almost 15 years of hard work involved in concluding the negotiations for the pact.
#WATCH | During the India-EFTA Trade and Economic Partnership Agreement Signing Ceremony, Union Minister Piyush Goyal says, “It is a momentous occasion. The signing of the Trade and Economic Partnership Agreement with the European Free Trade Association marks the culmination of… pic.twitter.com/ixySy1n7K7
— ANI (@ANI) March 10, 2024
Also Read : India Seeks Investment Of $50 Billion During First 10 Years Of Trade Pact With EFTA