India’s Commerce and Industry Minister, Piyush Goyal, highlighted the country’s strategy of engaging in Free Trade Agreements (FTAs) with developed nations. These agreements aim to boost India’s long-term growth by enhancing global involvement, attracting investments, fostering innovation, improving quality standards, and creating job opportunities. Goyal stressed that these partnerships are crucial for India to integrate more deeply into global trade networks and enhance its economic development.
Goyal mentioned that the FTAs with countries like those in Europe, North America, the Gulf region, Australia, and New Zealand are significant. These regions bring advanced technologies, higher per capita incomes, and substantial capital resources, while India offers a young workforce, competitive costs, and a growing domestic market. Over the past few years, India has signed nine FTAs with 38 countries, facilitating market access, technology collaboration, and integration into global value chains.
The Commerce Minister highlighted the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) countries. This agreement, involving nations like Switzerland, Norway, Liechtenstein, and Iceland, has laid a strong foundation for trade, investment, and innovation cooperation. Goyal mentioned that EFTA countries have committed to investing $100 billion in India over 15 years, aiming to create one million direct jobs, with active discussions ongoing regarding these investments.
Goyal emphasized that the investment commitments under the TEPA are mutually beneficial, ensuring a balanced arrangement that supports both India and its partner countries. He noted the progress in the second year of implementing the agreement and the positive impact on trade, investment, and job creation for India and the EFTA nations.
