India and EFTA countries plan to resume trade talks
India's trade minister Piyush Goyal met with European Free Trade Association (EFTA) Ministerial delegation
India and the European Free Trade Association (EFTA) countries have taken steps towards resuming their negotiations for a Trade and Economic Partnership Agreement (TEPA) during a meeting held in New Delhi on Wednesday. The EFTA is a regional trade organisation comprising four European states - Iceland, Liechtenstein, Norway, and Switzerland.
The meeting was attended by India's trade minister, Piyush Goyal, along with the Minister of Trade and Industry of Norway, Jan Christian Vestre; Swiss State Secretary at the State Secretariat for Economic Affairs, Helene Budliger Artieda; Permanent Secretary of State of Iceland at the Ministry for Foreign Affairs, Martin Eyjólfsson; Ambassador and Permanent Representative of Liechtenstein to EFTA, WTO, and the UN in Geneva, Kurt Jäger; and Secretary-General of the EFTA, Henri Gétaz.
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According to a joint statement issued after the meeting, both sides acknowledged the challenges posed by the "current global economic and trade environment" and recognised the need to address the bilateral trade and economic partnership issues in a "constructive and pragmatic manner".
The statement further added that both sides agreed to continue their efforts to resolve all "outstanding issues and work towards deepening and strengthening the economic partnership, while contributing to a more inclusive global trading system."
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The resumption of trade talks between India and the EFTA countries is expected to boost trade ties between the two sides. India has been seeking to strengthen its economic relations with EFTA countries, as it seeks to diversify its export markets.
The EFTA countries, on the other hand, are looking to expand their presence in the fast-growing Indian market. New Delhi is in talks for a trade pact with EU, UK, Israel among others already.
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