Both sides emphasised the importance of building their discussions on principles of trust and respect for each other’s sensitivities to achieve a fair, equitable, and balanced agreement. A TEPA between EFTA and India could bring significant economic benefits, such as integrated and resilient supply chains and new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth, India’s ministry of commerce and industry said in a joint press release.
India and the European Free Trade Association (EFTA) concluded a significant meeting advancing TEPA negotiations.
Led by Union minister Piyush Goyal and EFTA leaders, the parties discussed the modalities of a comprehensive TEPA.
The potential agreement could drive economic growth, job creation, and trade; further discussions are planned in the coming months.
Goyal, minister of commerce and industry, consumer affairs, food and public distribution, and textiles of India; Guy Parmelin, Swiss federal councillor and head of the Federal Department of Economic Affairs, education and research; Einar Gunnarsson, ambassador, permanent representative at the Permanent Mission of Iceland in Geneva; Kurt Jager, ambassador, permanent representative at the Permanent Mission of Liechtenstein to EFTA, World Trade Organization (WTO), and the United Nations (UN) in Geneva; and Erik Andreas Underland, specialist director at the Norwegian ministry of trade, industry, and fisheries, discussed the modalities of engagement for working towards a comprehensive TEPA.
The delegations agreed to ramp up their efforts and continue their discussions at a steady pace, with several more meetings planned over the coming months, to arrive at a common understanding on critical issues pertaining to TEPA.
A series of expert online meetings had taken place the week before the ministerial meeting.
Fibre2Fashion News Desk (NB)