India has taken a significant step to boost trade and investment relations with the European Free Trade Association (EFTA) by setting up a dedicated EFTA desk.
This platform aims to facilitate business cooperation between India and the four EFTA member countries—Iceland, Liechtenstein, Norway, and Switzerland.
The move comes after the signing of the Trade and Economic Partnership Agreement (TEPA) on March 10 last year, a landmark deal expected to take effect by the end of this year.
The agreement includes a commitment from the EFTA bloc to invest USD 100 billion in India over 15 years, making it one of the most significant foreign investment pledges India has secured through a trade deal.
The EFTA desk will play a crucial role in supporting businesses from both regions. It will provide companies with essential market insights, regulatory guidance, and assistance in navigating India's investment policies.
Additionally, the desk will facilitate business matchmaking to promote collaborations in various sectors.
Commerce and Industry Minister Piyush Goyal, along with key representatives from EFTA, including Swiss State Secretary Helene Budliger Artieda, Norwegian State Secretary of Trade and Industry Tomas Norvoll, Permanent Secretary of State for Iceland Martin Eyjolfsson, and Liechtenstein’s Minister of External Affairs Dominique Hasler, will inaugurate the desk at Bharat Mandapam.
To further enhance cooperation, a high-level EFTA-India business roundtable will be held.
The event will bring together over 100 leading businesses from India and the EFTA nations to discuss opportunities in key industries, including pharmaceuticals, life sciences, financial services, fintech, engineering, energy, seafood, maritime trade, food processing, and agritech.
The roundtable will serve as a structured forum for companies to explore joint ventures, technology partnerships, and investment opportunities under TEPA.
India's trade relations with the EFTA bloc have been growing steadily. In 2023-24, the two-way trade between India and EFTA reached approximately USD 24 billion, up from USD 18.65 billion in the previous financial year. However, the trade balance currently favours the EFTA bloc.
Switzerland remains India's largest trading partner and investor within the EFTA group, followed by Norway. Between April 2000 and September 2024, India received foreign direct investment (FDI) worth USD 10.72 billion from Switzerland alone.
Follow us
