India’s new trade deal with four European countries kicked off on October 1, marking a big win for the country’s economy. Union Commerce Minister Piyush Goyal celebrated the launch of the India-EFTA Trade and Economic Partnership Agreement (TEPA) at Bharat Mandapam in New Delhi. This agreement with Iceland, Liechtenstein, Norway, and Switzerland opens doors for Indian businesses and creates jobs at home.
Goyal told reporters it’s an exciting moment. “It’s a great day today,” he said, especially on the auspicious occasion of Navami, right before Dussehra. He highlighted how India now negotiates free trade agreements from a place of strength and confidence. After successful deals with Australia and the UAE, this is the first with the European Free Trade Association (EFTA) bloc.
The minister pointed out that talks with the 27-nation European Union are moving fast too. Once that’s done, India will have free trade pacts covering all of Europe. These agreements give Indian exporters, manufacturers, and service providers better access to global markets, while boosting millions of jobs for young Indians.
Goyal also tackled a tough issue: intellectual property (IP) laws. Countries like Switzerland and the UK have always been strict on IP, and trust between them and India was shaky for years. But now, things are changing. “We have built that trust,” Goyal said, thanks to a strong IP chapter in the TEPA. Similar protections appear in the UK deal, and they’ll be in the EU agreement too. Under Prime Minister Narendra Modi, India is leaving the past behind and gearing up for the future.
India’s booming economy plays a key role here. As the world’s fastest-growing large economy, it’s on track to become the third-largest soon. EFTA nations lead in global merchandise and services trade. Together, India and EFTA boast a combined GDP of about $5.4 trillion, setting the stage for even deeper ties.
The TEPA promises big investments too. It aims for $100 billion over 15 years, along with one million direct jobs in India. Plus, it eases access for Indian goods and services in those four EFTA countries. Goyal is optimistic: With India’s solid IP laws and plans to strengthen them, the country could attract way more than that $100 billion.
Overall, this deal shows India’s rising clout in international trade, helping its youth and businesses thrive on the world stage.
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