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India inks pact with EFTA, gets $100 billion commitment.
Mar 12, 2024
India on Sunday signed a trade and economic partnership agreement with the European Free Trade Association (EFTA) - a grouping of Switzerland, Norway, Liechtenstein and Iceland - that includes a binding $100-billion investment commitment.
As part of the Trade and Economic Partnership Agreement (TEPA), EFTA has committed to promote investments to increase the stock of foreign direct investments (FDI) in India by $100 billion in the next 15 years, and to facilitate the generation of one million direct employment in India through such investments, the government said in a statement.
'The global leadership of EFTA countries in innovation and R&D across diverse spheres...will open up new doors of collaboration,' PM Narendra Modi said about the trade agreement.
Commerce and industry minister Piyush Goyal said India is signing an FTA with four developed nations for the first time. It is a 'modern and ambitious' trade agreement with an important economic bloc in Europe, he said.
FDI of $50 billion is expected to flow in the first 10 years, with another $50 billion expected to come in the following five years. 'The investment flow may be larger than we have estimated. We will mutually work out if there is any shortfall in investment,' Goyal said, noting that investment from EFTA has grown at a compounded annual growth rate of 13% in the last decade.
Officials said the agreement gives India the right to rebalance or suspend concessions if the investment value is not realised. They also stated that the deal provides legal certainty in terms of tariff regime and investment relations.
The investments are hinged on the nominal GDP growth of 9%, officials said. Goyal said India has included several elements such as environment, trade, IPR, and gender for the first time in TEPA. 'The free trade agreement balances asymmetries within economies of the EFTA region and Indian economy,' the minister said.
TEPA is the fourth major deal signed by India to promote trade and economic cooperation in the last three years. The others are with Australia, Mauritius and the UAE.
The deal has got a thumbs-up from the industry. 'Improved market access for goods will boost India's export potential to EFTA markets and greatly expand employment opportunities, especially with the historic $100 billion committed investment from the EFTA region,' said Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII).
Cheaper watches, chocolates, machinery
The agreement will increase Indian industry's access to the EU market where the country is looking to sign another FTA. EFTA is offering 92.2% of its tariff lines, which cover 99.6% of India's exports, the commerce and industry ministry said. The agreement also covers tariff concession on processed agricultural products (PAP) from India. India is offering 82.7% of its tariff lines, which covers 95.3% of EFTA exports, nearly 80% of which is in gold.
Swiss watches and chocolates will enjoy the elimination of duty after seven years. The concessions are also expected to help India import machinery at cheaper rates.
Boost for gaming, animation
India has provided concessions on 105 of 156 sub-sectors, including areas like accounting, business, and health within services. On the other hand, EFTA countries have provided concessions in over 110 sub-sectors including accounting, auditing, and legal.
'Services will be one of the key pillars, just like investment and trade,' Goyal said. EFTA is providing commitments in audio-visual services like gaming and animation, and service providers from India will not be differentiated. India exports services worth over $5 billion to EFTA regions.
In the case of visa, India has secured a commitment in three categories: intra-corporate transferee, contractual service supplier, and independent professional.
economictimes.indiatimes.com
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