India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein have launched India-EFTA Desk to deepen economic collaboration.
About India-EFTA Desk
- Launched as a key part of the India-EFTA Trade and Economic Partnership Agreement (TEPA), a trade agreement signed in 2024 between India and EFTA.
- EFTA is the first European bloc to formalize a trade pact with India.
- It will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India.
- It will drive investment in renewable energy, life sciences, engineering, and digital transformation.
About European Free Trade Association (EFTA)
- It is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland.
- It was formed in 1960
- Its main purpose is to promote free trade and economic integration among its members and with other countries.
- NOTE: Switzerland is India’s largest EFTA trade partner, followed by Norway
India-EFTA TEPA
- First-ever Binding FTA: Binding commitment of $100 bn investment and 1 million direct jobs in the next 15 years has been given.
- Tariff Reduction: EFTA eliminates 92.2% of tariff lines, benefiting 99.6% of India’s exports.
- Market Access: Provides full access for non-agri products and concessions on Processed Agricultural Products (PAP).
- Enhanced Services Access: Services offers from EFTA include
- Mode 1: Digital delivery of services.
- Mode 3: Commercial presence.
- Mode 4: Easier temporary stay for key personnel.
- Intellectual Property Rights (IPR): Aligns with TRIPS for strong protection.
- Professional Recognition: Covers fields like nursing, chartered accountancy, and architecture.
- Rules of Origin & Trade Remedies: Clear regulations to ensure smooth trade and safeguard interests.