India to inaugurate EFTA Desk for trade expansion

India to inaugurate EFTA Desk for trade expansion

India is set to inaugurate the EFTA Desk in New Delhi, marking a step in strengthening economic relations with the European Free Trade Association (EFTA). The desk will be inaugurated by Union Minister for Commerce and Industry Piyush Goyal along with representatives from the EFTA bloc at Bharat Mandapam on Monday.

The initiative aligns with the India-EFTA Trade and Economic Partnership Agreement (TEPA), signed on March 10, 2024. It will function as a platform to facilitate trade, investment, and business cooperation between India and the four EFTA nations—Switzerland, Norway, Iceland, and Liechtenstein. According to the Ministry of Commerce and Industry, the desk will support EFTA companies entering the Indian market by providing regulatory guidance, business matchmaking, and insights into India’s investment landscape.

Representatives from EFTA attending the inauguration include Swiss State Secretary Helene Budliger Artieda, Norway’s State Secretary of Trade and Industry Tomas Norvoll, Iceland’s Permanent Secretary of State Martin Eyjolfsson, and Liechtenstein’s Minister of External Affairs Dominique Hasler. Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Commerce (DOC) will also be present.

Following the inauguration, an EFTA-India Business Roundtable will be held, bringing together over 100 companies from India and EFTA member states.

The event will focus on collaborations in various sectors, including pharmaceuticals, financial services, engineering, energy, seafood, maritime, food processing, and agritech. The roundtable aims to provide a structured forum for exploring investment opportunities, joint ventures, and technology partnerships under the TEPA framework.

EFTA has committed to increasing foreign direct investment in India by $100 billion over the next 15 years. The investment plan is expected to generate one million direct jobs in India. The commitment does not include foreign portfolio investments.

Under the agreement, EFTA is offering tariff concessions covering 99.6 percent of India’s exports to the region, including full market access for non-agricultural products and tariff reductions on processed agricultural goods. India, in turn, is offering tariff concessions covering 95.3 percent of EFTA exports, with gold imports accounting for a significant portion.

The agreement maintains existing duties on gold and considers sectoral sensitivities in areas such as pharmaceuticals, medical devices, and processed food. Certain products, including dairy, soya, coal, and other sensitive agricultural goods, have been excluded from the concessions.