India & EFTA launch trade desk to strengthen economic ties

India and the European Free Trade Association (EFTA) have inaugurated the India-EFTA Desk. This follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), which comprises Switzerland, Norway, Iceland, and Liechtenstein, positioning EFTA as the first European bloc to formalise a trade pact with India.

The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties, the Ministry of Commerce and Industry said in a press release.

Indian Minister of Commerce and Industry, Piyush Goyal hailed TEPA as a landmark agreement, emphasising India’s growing role in global trade. “This desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business.” He highlighted India’s ambition to surpass $100 billion in EFTA investments, highlighting the country’s commitment to fostering equitable and mutually beneficial trade relationships.

Switzerland’s State Secretary for Economic Affairs, Helene Budliger Artieda, described TEPA as a “new chapter for investment promotion and cooperation,” citing over CHF 10 billion in Swiss FDI that has created 146,000+ jobs in India, particularly in manufacturing.

Norway’s State Secretary of Trade and Industry, Tomas Norvoll, compared TEPA to an airport, with the EFTA Desk serving as the landing strip for businesses. He said that Norwegian companies in India have doubled in the last decade, with sovereign wealth fund assets reaching $31.4 billion.

Iceland’s Permanent Secretary for Foreign Affairs, Martin Eyjolfsson, called TEPA “the most significant trade agreement EFTA has signed in decades,” reinforcing India’s role as a key economic partner for Europe.

Liechtenstein’s Minister of External Affairs, Education, and Sport, Dominique Hasler, emphasised the Desk’s role in facilitating high-value manufacturing and innovation-driven industries.

The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation. Secretary, DPIIT, Amardeep Singh Bhatia, said that TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.

Union Minister of State, Jitin Prasada, highlighted EFTA’s strategic importance to India’s development goals. He also pointed to research collaborations between IITs and the Arctic University of Norway, demonstrating TEPA’s broader scope beyond trade.

Following the Desk’s inauguration, a high-level Business Roundtable chaired by Piyush Goyal convened to explore opportunities and address trade challenges.

The India-EFTA Desk will serve as the primary channel for fostering continuous business-government dialogue. The Indian government has pledged to work closely with EFTA partners to unlock TEPA’s full potential. Concluding the discussions, Piyush Goyal called TEPA a “model agreement” and reaffirmed India’s readiness to build a robust future with EFTA, stating: “India is ready when you are. Let’s build this future together.”

Fibre2Fashion News Desk (HU)