India and four European nations signed a free trade deal in New Delhi on Sunday. It is performed in the presence of Indian Commerce Minister Piyush Goyal.These European nations are part of the European Free Trade Association or EFTA which includes Switzerland, Norway, Iceland and Liechtenstein.
India-EFTA FTA
Goyal said “It took almost 15 years of hard work to finalize this trade agreement. I’m glad our negotiations were successful.” Prime Minister Narendra Modi congratulated everyone involved in making this deal happen.In a message, Narendra Modi said “Congratulations to all who worked hard on this. Even though our economies are different, they can benefit each other. This will help all our nations.”
Aim of the FTA
The deal aims to boost trade between India and EFTA nations. Though our systems vary, our businesses see chances to grow trade. This could create chances for everyone.
India-EFTA meeting
On Sunday, Goyal was part of a meeting. It was in New Delhi. This meeting was about a trade deal.This deal is with EFTA, which includes countries like Iceland, Liechtenstein, Norway, and Switzerland.They want to make free trade better and help their economies work together better.India and this team, EFTA, have been talking about a deal. EFTA started their talk in January 2008.EFTA is already doing really well. It has 29 trade agreements.Those are with 40 countries. Some examples are Canada, Chile, China, Mexico, and Korea. When we say EFTA members, we mean Iceland, Liechtenstein, Norway, and Switzerland.
What is TEPA
This deal is called the Trade and Economic Partnership Agreement (TEPA). It’s meant to make their economies closer.The TEPA deal covers a lot of areas. Things like trading goods, where things are made, who owns ideas (IPRs), services that are traded, encouraging investment, working together, government buying, technical things that can slow trade, and making trade easier are all part of it.
