New Delhi, 10 June (IANS). Union Commerce and Industry Minister Piyush Goyal on Tuesday interacted with the Swiss government regarding investment opportunities arising after the Trade and Economic Partnership Agreement (TEPA) between India and European Free Trade Association (EFTA).
In this meeting, issues like investment, increase in innovation, partnership and joint workforce training were also discussed.
The Union Minister posted on the social media handle ‘X’, “Co-Chairman of the Machinery, Electrical and Metal (MEM) industry with Swiss Federal Councilor Gai Parambalin co-headed a productive business roundateable.”
“The roundateable meeting discussed increasing innovation, facilitating partnerships and joint workforce training. We also focused on opening new investment opportunities after the implementation of TEPA between India-EFTA.”
The Union Minister further said, “In order to strengthen industrial cooperation, a memorandum has also been signed between Assocham and Swissamem to promote innovation, development and skill development.
Union Commerce and Industry Minister Piyush Goyal said on Monday that the Free Trade Agreement (FTA) is likely to come into force between India and the European group EFTA of four countries from September.
Members of the European Free Trade Association are Iceland, Liechtenstein, Norway and Switzerland. Once the trade agreement is implemented, many products such as Swiss watches, Swiss chocolate, biscuits and chopped and polished diamonds will come at low or zero charges from four European countries.
TEPA was signed by both sides on March 10, 2024. Under this agreement, India has committed an investment of $ 100 billion in 15 years. Also agreed to reduce or eliminate fees on various products including Swiss watches, chocolate and chopped and polished diamonds.
India had promised to zero tariffs on 80–85 percent of goods imported from EFTA countries. On the other hand, four European countries have agreed to allow a fee -free market access to about 99 percent of Indian goods, including rice.
-IANS
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