News and Events

India, EFTA agree to conclude FTA talks by year end

Source: The Hindu

India and the four-nation European Free Trade Association (EFTA) have agreed to conclude the ongoing free trade agreement (FTA) negotiations by year-end, Mr. Anand Sharma, Minister for Commerce & Industry informed here on Thursday 8 April 2011.

Speaking at a function organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr. Sharma said that both sides have completed seven rounds of negotiations. The EFTA states include Switzerland, Iceland, Liechtenstein and Norway. It is an inter-governmental organisation that promotes free trade and economic integration between the four nations. “In Bern, India and Switzerland had agreed that by the end of this year, India-EFTA bilateral trade and investment agreement will be concluded, I am confident that the negotiations will result in a mutually beneficial agreement for both sides,'' he added.

Highlighting the importance of bilateral relationship with Switzerland, the Minister said, “Switzerland is a prosperous and modern market economy and highly skilled labour force. Switzerland is a global leader in innovation and over a period has evolved a sophisticated business culture. It is home to one of the world's finest scientific research institutions and has evolved a unique collaborative model between academia and industry to ensure focus on applied research.''

Last month, Mr. Sharma met Federal Councillor Minister for Economic Affairs of Switzerland Johann Schneider-Ammann in Bern and discussed the pact.

Speaking on the occasion, Mr. Schneider-Ammann said free trade would enhance economic relationship and also benefit businesses and economy of both countries. In the seventh round of talks, which were held here in February, both sides discussed market access for industrial products, fish and agricultural goods, technical barriers to trade, customs procedures, investment, intellectual property rights and dispute settlement.

India and EFTA had agreed to launch negotiations on the trade and investment agreement in January, following the recommendations of a Joint EFTA-India study group set up in December 2006. Trade between Switzerland and India stood at $18 billion in 2010, up from $15 billion last year.

Swiss exports to India include machines, pharmaceutical and chemical products as well as precision instruments, while imports from India include textiles, agricultural products and components for the airline industry. There are about 170 Swiss companies doing business in India.

Referring to the Doha Round, Mr. Sharma said India had always stood for an open, equitable, predictable, non-discriminatory and rule- based multilateral trading regime. India was committed to successful conclusion of the Doha Round and support multi-lateral and bilateral engagement with the rest of the world.

While lauding the strides made by India in areas such as renewable energy, energy efficiency and green buildings, Mr. Schneider-Ammann invited Indian companies for an active exploration of opportunities arising from these emerging sectors.