Bridging Borders: India Launches EFTA Business Platform

India is launching an EFTA desk to strengthen trade and investment between India and EFTA nations. This initiative follows a free trade agreement, incorporating a significant investment promise. The desk will assist EFTA businesses entering India, offering market insights and facilitating collaborations in various sectors.

The Indian government is establishing a specialized desk to enhance trade ties with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. An official statement on Monday confirmed the setup of this initiative aimed at boosting business interactions between the regions.

The move follows a free trade agreement signed on March 10, 2022, set to launch by the year's end. The pact, known as the Trade and Economic Partnership Agreement (TEPA), pledges a substantial investment of USD 100 billion over 15 years, allowing numerous products to benefit from reduced or zero tariffs.

Inaugurating the EFTA desk, Commerce and Industry Minister Piyush Goyal, alongside EFTA representatives, emphasized its role as a central support system for companies aiming to expand in India. The platform will provide market insights, regulatory guidance, and aid in policy navigation. A concurrent roundtable meeting aims to foster cooperation across sectors like pharma, technology, and food processing.

(With inputs from agencies.)