India has signed a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) bloc, consisting of Iceland, Liechtenstein, Norway, and Switzerland. The agreement was signed during a meeting co-chaired by Union Commerce Minister Piyush Goyal in the national capital.
The EFTA is a regional trade organization aiming to promote free trade and economic integration among its member countries. The Foreign Minister of Iceland, Bjarni Benediktsson, and Liechtenstein, Dominique Hasler, visited India for the signing of the Trade and Economic Participation Agreement (TEPA).
MEA spokesperson Randhir Jaiswal noted that the visits would boost economic and commercial partnerships between the countries. Prime Minister Narendra Modi congratulated the negotiators and signatories involved, expressing hope for a prosperous future.
Negotiations between India and EFTA for a free trade agreement began 15 years ago and concluded after 20 rounds of negotiations. The recent agreement reflects the commitment of both parties to enhancing their economic ties.