India Launches Dedicated EFTA Desk To Strengthen Trade And Investment Ties With Europe

In a significant step towards bolstering economic cooperation between India and the European Free Trade Association (EFTA) nations, a dedicated EFTA Desk has been launched to facilitate trade and investment between the two regions.

The initiative aims to enhance business opportunities for companies from Iceland, Liechtenstein, Norway, and Switzerland as they prepare to engage with the Indian market under the India-EFTA Trade and Economic Partnership Agreement (TEPA), signed on 10 March 2024.

The official launch took place at Bharat Mandapam, with Union Minister for Commerce and Industry Piyush Goyal representing India, reported ANI.

The EFTA Desk will serve as a key contact point for businesses from EFTA states, addressing investment concerns, offering market expansion guidance, and maintaining a database of economic opportunities.

"The Desk will serve as a central point of contact for EFTA businesses looking to expand into India, addressing investor concerns and resolving issues that they may face, including providing support and guidance on expansions into new markets and maintaining a comprehensive database of investment opportunities," stated EFTA in an official release.

While TEPA is yet to come into formal effect, businesses from the four EFTA nations are already actively preparing to seize new trade opportunities and strengthen ties with Indian counterparts.

This week, over 100 EFTA companies have visited India, reflecting growing interest in the agreement. The TEPA aims to attract investments worth USD 100 billion and generate one million jobs in India over the next 15 to 20 years.

Calling the EFTA Desk launch a defining moment, Piyush Goyal remarked, "It makes it easier to do business in India, ensure seamless flow of capital and resources both ways, navigate any areas of concern that may crop up, and then, of course, as we work together, it will also help us in our overall scheme of things, in the Indian government, to promote ease of doing business, not only for the four after countries, but for all investors and trade, trade and business world across the world."

Senior officials from EFTA member states hailed the initiative. Norwegian Deputy Minister Tomas Norvoll highlighted its importance in helping Norwegian companies enter the Indian market, calling it "an important milestone in our joint efforts in making business and investment easier for businesses."

Iceland’s Permanent Secretary Martin Eyjolfsson noted the immense potential for collaboration, from renewable energy to fisheries, while Liechtenstein’s Foreign Minister Dominique Hasler emphasised her country’s role in supporting India’s economic aspirations through innovation and infrastructure development.

Helene Budliger Artieda, Switzerland’s State Secretary for Economic Affairs, remarked, "The opening of the EFTA Desk by India and the impressive presence of EFTA companies in Delhi today show that the TEPA is more than just text and promises. We are fully committed to implementing the TEPA and bringing this win-win partnership to life."