Union Minister of Commerce and Industry, Piyush Goyal, today said the Free Trade Agreement between India and the four-nation European bloc ‘European Free Trade Association’ (EFTA), will be implemented from 1st October. The Union Minister addressing the session, organised by ASSOCHAM on Creating Global Impact Towards Viksit Bharat, said, the two sides had signed the Trade and Economic Partnership Agreement (TEPA) on 10th March last year.
Mr Goyal said that all four countries have ratified the Free Trade Agreement and lodged their documents with the repository in Norway.
India and EFTA had signed the Trade and Economic Partnership Agreement (TEPA) on 10th March last year. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of 100 billion dollars of which 50 billion doolares will be invested within 10 years after the implementation of the agreement and another 50 billion dollar in the next five years. It will facilitate the creation of one million direct jobs in India.
The Minister reiterated that India will enter into international trade agreements only if they serve the country’s interests. India always keeps the country’s interests first. Mr Goyal said India always keeps the country’s interest first.
Speaking to an audience of industry leaders and entrepreneurs, the Minister stressed the importance of mindset change within the Micro, Small, and Medium Enterprises (MSME) sector. He called for a shift towards collective growth and mutual support between small and large firms. The Minister urged MSME stakeholders to actively inform the government about non-tariff barriers that are affecting their businesses.
Mr Goyal appeals to support each other and be vocal for local. He also emphasised the importance of Micro, Small, and Medium Enterprises (MSMEs), focusing on research, innovation, quality, and scaling up to compete globally.
The event was part of a broader dialogue series focused on India’s growth vision for Viksit Bharat-a developed India by 2047.
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