India-EFTA Economic Partnerships
On August 23, 2023, India became the first country to land a spacecraft near the moon’s south pole, marking its emergence as a space power and showcasing its innovation capacity. This achievement reflects the benefits of global trade, collaboration, and advanced technologies.
Potential of EFTA-India Economic Ties
- The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland.
- EFTA countries are leaders in precision engineering, renewable energy, pharmaceuticals, and financial services.
- These sectors align with India’s growth ambitions, making EFTA a valuable partner for technological advancement and sustainability.
EFTA–India Trade and Economic Partnership Agreement (TEPA)
- The TEPA was recently signed, marking a new era in EFTA-India relations.
- Includes benefits like reduced tariffs, streamlined customs, intellectual property protections, and sustainable trade practices.
- Aims for USD 100 billion investment and 1 million jobs in India over the next 15-20 years.
- Over 100 EFTA businesses visited India to explore opportunities, showing proactive interest.
Role of the EFTA Desk in India
- Launched on February 10, the EFTA desk represents a commitment to a win-win partnership.
- Facilitates partnerships, guides regulatory frameworks, and serves as a resource for businesses entering a new market.
Long-term Focus and Unique Partnership
The EFTA–India partnership is built on trust, shared values, and mutual growth beyond traditional trade agreements. It emphasizes social and environmental benefits alongside economic gains.
Future Prospects
- Swiss technology played a crucial role in India's lunar success, and Norwegian and Icelandic expertise can aid India’s green transition.
- EFTA is committed to unlocking new opportunities, driving innovation, and contributing to sustainable prosperity.
The writer is the Secretary-General of the European Free Trade Association.
