‘Watershed moment’: PM Modi hails free trade pact between India and EFTA

India and the European Free Trade Association (EFTA) on Sunday sealed a free trade deal hailed by Prime Minister Narendra Modi as a ‘watershed moment’ for both parties.

The agreement, termed as the Trade and Economic Partnership Agreement (TEPA), underscored India’s commitment to fostering shared prosperity and inclusive partnerships.

The EFTA comprises four European nations – Iceland, Liechtenstein, Norway and Switzerland. The pact aims to bolster economic progress and create opportunities, particularly for the youth, through strengthened bonds with EFTA nations.

PM Modi expressed his delight in a post on X, saying, ‘Delighted by the signing of the India-EFTA Trade & Economic Partnership Agreement. This landmark pact underlines our commitment to boosting economic progress and creating opportunities for our youth.’

The agreement, described as ‘innovative and well-balanced’ by PM Modi, reflects the developmental aspirations of both India and EFTA countries. EFTA has committed to increasing foreign direct investments by USD 100 billion in India over the next 15 years, generating one million direct employment.

‘The tenth of March 2024 marks a new turn and a watershed moment in the bilateral relationship between India and EFTA countries,’ said PM Modi, congratulating negotiators and signatories involved in the pact.

He highlighted the complementary nature of the Indian and EFTA economies, emphasising the potential for mutual benefits. PM Modi highlighted India’s economic strides in recent years, aiming to become the third-largest economy globally.

Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement, lauding the fairness and equity of the pact. Goyal described the signing as the culmination of nearly 15 years of hard work and effort.