India and EFTA Mark First Anniversary of Trade Pact
Commerce Secretary Rajesh Agrawal urged Indian exporters to leverage the India-EFTA trade agreement following the issuance of 8,000 Rules of Origin certificates in its first year.
India and the European Free Trade Association (EFTA) marked the first anniversary of their Trade and Economic Partnership Agreement (TEPA) during the second India-EFTA Prosperity Summit in New Delhi. Rajesh Agrawal, India's Commerce Secretary, reported that approximately 8,000 Rules of Origin certificates were issued in the first year, signaling that businesses are utilizing the pact to secure preferential tariffs. Agrawal noted that exporters have begun shipping new products to EFTA markets, though he cautioned that establishing new supply chains will take time.
The agreement provides concessions on 92.2% of EFTA tariff lines and 82.7% of India's. EFTA member states—Iceland, Liechtenstein, Norway, and Switzerland—committed to investing $100 billion in India over 15 years to create one million jobs. Union Minister Ashwini Vaishnaw stated that European countries now view India as a major hub for innovation and manufacturing, leading to new partnerships in technology exchange and co-development.
To increase the utilization of the pact, the Indian government plans to hold discussions with entrepreneurs and state governments in October. These efforts will be followed by district-level workshops and the creation of a dedicated FTA Utilisation Cell to help businesses navigate the agreement.
