NEW DELHI (dpa-AFX) - India has signed a free trade agreement with the European Free Trade Association, or EFTA, a group of four non-EU European countries.
Iceland, Liechtenstein, Norway, Switzerland and India signed a Trade and Economic Partnership Agreement (TEPA) in Indian capital New Delhi.
The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth, EFTA said in a statement.
'EFTA countries gain market access to a major growth market. Our companies strive to diversify their supply chains while rendering them more resilient', Swiss Federal Councillor Guy Parmelin said at the signing ceremony. 'India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs. All in all, the TEPA will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA States'.
The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets. The agreement further aims to facilitate and promote investment opportunities between these countries.
The EFTA-India TEPA was signed by India's Minister of Commerce & Industry Piyush Goyal, Guy Parmelin, Iceland Foreign Minister Bjarni Benediktsson, Liechtenstein Foreign Minister Dominique Hasler and Jan Christian Vestre, Minister of Trade and Industry, Norway.
Iceland, Liechtenstein, Norway, and Switzerland are not members of the European Union.
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