In a significant boost to India's global trade credentials, New Delhi has signed a deal with the European free trade association. That's a four nation bloc, comprising Iceland, Liechtenstein, Norway, and Switzerland, which will soon open an office in India. The free trade deal is a culmination of over 15 years of negotiations between India and the E-F-T-A. Watch to know more!

India signs 'Free Trade Agreement' with four-nation European bloc

Iceland's Foreign Minister Bjarni Benediktsson expressed enthusiasm over the signing of a trade and economic agreement between India and the European Free Trade Association (EFTA). He highlighted the vast opportunities this partnership brings for all EFTA states and India, particularly in industries like fishing and energy.

Speaking to WION's diplomatic correspondent Sidhant Sibal, he said, "At the end of the day, a free trade agreement is something that just opens the door. So now it's up to the business partners to seize those opportunities and have good things come out of this."

He also spoke on investment commitments under the pact, supply chain focus, and more.

Here's the full interview:&nbsp;

WION: How important is the pact?

Bjarni Benediktsson: I think it is a historic day, finally, the long negotiating session has come to an end. This will open up markets on both sides. I think tremendous opportunities are being opened for all of the EFTA states but also for India. We're excited because we are entering a market here which is one of the fastest growing in the world. And at the same time, trade relations have the potential to grow. And our case, in Iceland's case, we look at the exporting opportunities for example, in the fishing industry, but for fish products but also in other industries. Partnerships in the area of geothermal and other energy sectors, or any other areas of the energy sector are something that is very exciting. At the end of the day, a free trade agreement is something that just opens the door. So now it's up to the business partners to seize those opportunities and have good things come out of this.

Also Read | <a href="https://www.wionews.com/india-news/india-seals-free-trade-agreement-with-four-nation-european-bloc-698498">India seals free trade agreement with four-nation European bloc</a>

WION: How will it help in diversifying the supply chains at a time when there is a focus on that?

Bjarni Benediktsson: Well, I think the focus which is in this agreement, on foreign direct investment to spur new investment in India, must assist in the path of growth that India is on. As your minister mentioned earlier, it will help India be less reluctant on the imports.

WION: When it comes to investment targets, what are the targets, and how much&nbsp;investment will come from your country to India?

Bjarni Benediktsson: Well, proportionally our GDP is very small compared to others, especially Switzerland and Norway, but we do have examples of large investments abroad. So it is up to the business partners at the end of the day to make the necessary decisions, but I am hopeful that we will see direct investment from Iceland. It could happen in the area of energy it could also happen in other industries. We'll just have to see.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/chola-and-jatayu-indian-navys-ode-to-maritime-history-in-a-week-of-naval-milestones-698433">Chola and Jatayu: Indian Navy's ode to maritime history in a week of naval milestones</a>

WION: What are&nbsp;the sectors which are going to benefit. Can you talk about that and the agriculture sector is kept out from the pact?

Bjarni Benediktsson: Yeah, well, that is very normal in free trade agreements that agriculture is the most delicate&nbsp;chapter to negotiate on. But I think we should focus on the positive side here, the number of tariffs that are being lowered, the opportunities that are being opened for foreign direct investment, and also the security that the Free Trade Agreement brings for business partners.

Watch | India: Over $14 billion to spent by political parties, says report

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WION: What kind of security you're talking about?&nbsp;

Bjarni Benediktsson: Just the fact that you have common understanding on the framework in which business takes place.

WION: Security situation in Europe, how is the conflict impacting it?

Bjarni Benediktsson: &nbsp;Well, if we are talking about the war, which is ongoing in Ukraine, it is of course, undermining economic security. And this has been very obvious in recent years when inflation came up and energy security was threatened. So we need to find the path to&nbsp;peace and freedom, and economic security will follow.

&nbsp;

Iceland's Foreign Minister Bjarni Benediktsson expressed enthusiasm over the signing of a trade and economic agreement between India and the European Free Trade Association (EFTA).

Iceland's Foreign Minister Bjarni Benediktsson expressed enthusiasm over the signing of a trade and economic agreement between India and the European Free Trade Association (EFTA). He highlighted the vast opportunities this partnership brings for all EFTA states and India, particularly in industries like fishing and energy. Speaking to WION's diplomatic correspondent Sidhant Sibal, he said, "At the end of the day, a free trade agreement is something that just opens the door. So now it's up to the business partners to seize those opportunities and have good things come out of this." He also spoke on investment commitments under the pact, supply chain focus, and more. Here's the full interview: WION: How important is the pact? Bjarni Benediktsson: I think it is a historic day, finally, the long negotiating session has come to an end. This will open up markets on both sides. I think tremendous opportunities are being opened for all of the EFTA states but also for India. We're excited because we are entering a market here which is one of the fastest growing in the world. And at the same time, trade relations have the potential to grow. And our case, in Iceland's case, we look at the exporting opportunities for example, in the fishing industry, but for fish products but also in other industries. Partnerships in the area of geothermal and other energy sectors, or any other areas of the energy sector are something that is very exciting. At the end of the day, a free trade agreement is something that just opens the door. So now it's up to the business partners to seize those opportunities and have good things come out of this. Also Read | India seals free trade agreement with four-nation European bloc WION: How will it help in diversifying the supply chains at a time when there is a focus on that? Bjarni Benediktsson: Well, I think the focus which is in this agreement, on foreign direct investment to spur new investment in India, must assist in the path of growth that India is on. As your minister mentioned earlier, it will help India be less reluctant on the imports. WION: When it comes to investment targets, what are the targets, and how much investment will come from your country to India? Bjarni Benediktsson: Well, proportionally our GDP is very small compared to others, especially Switzerland and Norway, but we do have examples of large investments abroad. So it is up to the business partners at the end of the day to make the necessary decisions, but I am hopeful that we will see direct investment from Iceland. It could happen in the area of energy it could also happen in other industries. We'll just have to see. Also Read | Chola and Jatayu: Indian Navy's ode to maritime history in a week of naval milestones WION: What are the sectors which are going to benefit. Can you talk about that and the agriculture sector is kept out from the pact? Bjarni Benediktsson: Yeah, well, that is very normal in free trade agreements that agriculture is the most delicate chapter to negotiate on. But I think we should focus on the positive side here, the number of tariffs that are being lowered, the opportunities that are being opened for foreign direct investment, and also the security that the Free Trade Agreement brings for business partners. Watch | India: Over $14 billion to spent by political parties, says report × WION: What kind of security you're talking about? Bjarni Benediktsson: Just the fact that you have common understanding on the framework in which business takes place. WION: Security situation in Europe, how is the conflict impacting it? Bjarni Benediktsson: Well, if we are talking about the war, which is ongoing in Ukraine, it is of course, undermining economic security. And this has been very obvious in recent years when inflation came up and energy security was threatened. So we need to find the path to peace and freedom, and economic security will follow.

India-EFTA pact opens new opportunities, says Iceland FM Bjarni Benediktsson

India signed a free trade pact with&nbsp;the four-nation European Free Trade Association (EFTA) in New Delhi on Sunday (March 10). Prime Minister Narendra Modi hailed the deal as a 'watershed moment' for India, Iceland, Norway, Switzerland and Liechtenstein.

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$ 100 bn investment commitment by EFTA countries to India in next 15 yrs under the pact, says Minister Piyush Goyal <a href="https://t.co/hlX4HsNNLh">https://t.co/hlX4HsNNLh</a>
— Sidhant Sibal (@sidhant) <a href="https://twitter.com/sidhant/status/1766716918952755565?ref_src=twsrc%5Etfw">March 10, 2024</a></blockquote>
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The signing of the pact, named the Trade and Economic Partnership Agreement (TEPA), was formalised three days after Prime Minister Narendra Modi's cabinet approved it on March 7.&nbsp;

<h2>Four-nation bloc will invest $100bn in India over next 15 years</h2>

India will now lift most import tariffs on industrial products from Iceland, Norway, Switzerland and Liechtenstein&nbsp;in return for investment of $100 billion over 15 years.

The five signatories now must ratify this deal before it can take effect, with Switzerland planning to do so by 2025.

"It is a modern trade agreement, fair, equitable and win-win for all five countries," Indian trade minister Piyush Goyal said in a statement.&nbsp;

"TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stonger, more inclusive partnership between India and EFTA, furthering the aspirations of our people," Prime Minister Narendra Modi said in an official statement.&nbsp;

<h2>PM Modi hails ‘well-balanced trade deal’</h2>

The pact had been under negotiations for the last 16 years, with the first leg of talks beginning in 2008 during the first term of Prime Minister Dr Manmohan Singh's government.&nbsp;

"The culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations is commendable," PM Modi added.

The delegation that signed the deal included Guy Parmelin, Swiss Federal Councillor and Head of the Department of Economic Affairs, Education and Research; Bjarni Benediktsson, Minister of Foreign Affairs of Iceland; Dominique Hasler, Minister of Foreign Affairs of Liechtenstein; and Jan Christian Vestre, Minister of Trade and Industry of Norway.

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EAM Jaishankar makes a surprise presence as India EFTA trade pact is signed <a href="https://t.co/BEdWGUFXus">https://t.co/BEdWGUFXus</a> <a href="https://t.co/sCyd77xCzf">pic.twitter.com/sCyd77xCzf</a>
— Sidhant Sibal (@sidhant) <a href="https://twitter.com/sidhant/status/1766726819896791511?ref_src=twsrc%5Etfw">March 10, 2024</a></blockquote>
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An official readout by the European Free Trade Association said: "The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth."

<h2>What is the India-EFTA Trade and Economic Partnership Agreement (TEPA)?</h2>

The India-EFTA Economic Partnership Agreement (TEPA)&nbsp;includes 14 chapters, such as the ones focussed on&nbsp;trade in goods, rules of origin, trade in services, investment promotion and cooperation, government procurement, intellectual property rights (IPRs), technical barriers to trade, and trade facilitation.

"The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets. The agreement further aims to facilitate and promote investment opportunities between the parties," an official EFTA readout said.&nbsp;

India has signed as many as 14 free trade agreements (FTAs) with different countries and groups of countries across the bloc.&nbsp;

Since 2014, India has signed three such agreements with Mauritius, the UAE, and Australia, and the latest edition in the list is EFTA.

India has inked trade deals with Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, Korea, Japan, Australia, UAE, Mauritius and the 10-nation bloc ASEAN (Association of Southeast Asian Nations).

In addition, New Delhi is negotiating trade agreements with a number of its trading partners, including with the UK, Oman, the European Union (EU), Peru, and Israel.

Talks with Canada for a similar pact were put on hold due to Prime Minister Justin Trudeau's accusations related to New Delhi's alleged involvement in the Khalistani terrorist Hardeep Singh Nijjar’s killing and the consequent diplomatic fallout that followed.&nbsp;

According to an official cited by the Press Trust of India, talks with Oman are in the final stages. The 14th round of talks are underway between India and the UK.

The conclusion of talks between India and the UK is expected after general elections, as London and New Delhi are&nbsp;yet to iron out differences in key areas of goods and services.&nbsp;

(With inputs from agencies)

India signed a free trade pact with the four-nation European Free Trade Association (EFTA) in New Delhi on Sunday (March 10). Prime Minister Narendra Modi hailed the deal as a 'watershed moment' for India, Iceland, Norway, Switzerland and Liechtenstein.

India signed a free trade pact with the four-nation European Free Trade Association (EFTA) in New Delhi on Sunday (March 10). Prime Minister Narendra Modi hailed the deal as a 'watershed moment' for India, Iceland, Norway, Switzerland and Liechtenstein. $ 100 bn investment commitment by EFTA countries to India in next 15 yrs under the pact, says Minister Piyush Goyal https://t.co/hlX4HsNNLh — Sidhant Sibal (@sidhant) March 10, 2024 × The signing of the pact, named the Trade and Economic Partnership Agreement (TEPA), was formalised three days after Prime Minister Narendra Modi's cabinet approved it on March 7. Four-nation bloc will invest $100bn in India over next 15 years India will now lift most import tariffs on industrial products from Iceland, Norway, Switzerland and Liechtenstein in return for investment of $100 billion over 15 years. The five signatories now must ratify this deal before it can take effect, with Switzerland planning to do so by 2025. "It is a modern trade agreement, fair, equitable and win-win for all five countries," Indian trade minister Piyush Goyal said in a statement. "TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stonger, more inclusive partnership between India and EFTA, furthering the aspirations of our people," Prime Minister Narendra Modi said in an official statement. PM Modi hails ‘well-balanced trade deal’ The pact had been under negotiations for the last 16 years, with the first leg of talks beginning in 2008 during the first term of Prime Minister Dr Manmohan Singh's government. "The culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations is commendable," PM Modi added. The delegation that signed the deal included Guy Parmelin, Swiss Federal Councillor and Head of the Department of Economic Affairs, Education and Research; Bjarni Benediktsson, Minister of Foreign Affairs of Iceland; Dominique Hasler, Minister of Foreign Affairs of Liechtenstein; and Jan Christian Vestre, Minister of Trade and Industry of Norway. EAM Jaishankar makes a surprise presence as India EFTA trade pact is signed https://t.co/BEdWGUFXus pic.twitter.com/sCyd77xCzf — Sidhant Sibal (@sidhant) March 10, 2024 × An official readout by the European Free Trade Association said: "The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth." What is the India-EFTA Trade and Economic Partnership Agreement (TEPA)? The India-EFTA Economic Partnership Agreement (TEPA) includes 14 chapters, such as the ones focussed on trade in goods, rules of origin, trade in services, investment promotion and cooperation, government procurement, intellectual property rights (IPRs), technical barriers to trade, and trade facilitation. "The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets. The agreement further aims to facilitate and promote investment opportunities between the parties," an official EFTA readout said. India has signed as many as 14 free trade agreements (FTAs) with different countries and groups of countries across the bloc. Since 2014, India has signed three such agreements with Mauritius, the UAE, and Australia, and the latest edition in the list is EFTA. India has inked trade deals with Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, Korea, Japan, Australia, UAE, Mauritius and the 10-nation bloc ASEAN (Association of Southeast Asian Nations). In addition, New Delhi is negotiating trade agreements with a number of its trading partners, including with the UK, Oman, the European Union (EU), Peru, and Israel. Talks with Canada for a similar pact were put on hold due to Prime Minister Justin Trudeau's accusations related to New Delhi's alleged involvement in the Khalistani terrorist Hardeep Singh Nijjar’s killing and the consequent diplomatic fallout that followed. According to an official cited by the Press Trust of India, talks with Oman are in the final stages. The 14th round of talks are underway between India and the UK. The conclusion of talks between India and the UK is expected after general elections, as London and New Delhi are yet to iron out differences in key areas of goods and services. (With inputs from agencies)

India seals free trade agreement with four-nation European bloc

Prime Minister Narendra Modi performed Darshan and Pooja at Shri Kashi Vishwanath Mandir in Varanasi. The Indian prime minister is on a three-day tour of four Indian States. The visits are part of the PM's pan India outreach ahead of the upcoming general elections. The Indian Prime Minister was in the temple town of Varanasi where he was inside the sanctum sanctorum of Shri Kashi Vishwanath Mandir, where the Prime Minister offered prayers. Watch to know more!

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India has deported the initial batch of Myanmar refugees who sought asylum in the country following the military coup in 2021, as disclosed by the chief minister of Manipur state on Friday (March 8).

The move comes weeks after India terminated a visa-free border policy with Myanmar. While specific details on the number of individuals deported are not immediately available, the influx of thousands of civilians and hundreds of troops into Indian states since the 2021 coup has raised concerns in New Delhi about the potential of communal tensions.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/south-asia/over-2000-myanmar-refugees-flee-to-mizoram-for-refuge-amid-border-clashes-658351" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/south-asia/over-2000-myanmar-refugees-flee-to-mizoram-for-refuge-amid-border-clashes-658351&amp;sa=U&amp;ved=2ahUKEwjmo5uF-eSEAxWaV2wGHS8bA94QFnoECAYQAg&amp;usg=AOvVaw37rbbmw3jBxGOm9nOtt7m1" dir="ltr" href="https://www.wionews.com/south-asia/over-2000-myanmar-refugees-flee-to-mizoram-for-refuge-amid-border-clashes-658351" target="_blank">Over 5,000&nbsp;Myanmar refugees&nbsp;including soldiers flee to India</a>

N. Biren Singh, the chief minister of Manipur, announced the deportation on the microblogging platform X, revealing that the first group of Myanmar nationals who entered India illegally had been expelled.

Manipur, a northeastern state, has witnessed sporadic violence resulting in nearly 200 fatalities since ethnic clashes erupted in May of the preceding year.

In the absence of a signed agreement on the 1951 UN Refugee Convention, which outlines refugee rights and the responsibilities of states in protecting them, and without domestic laws specifically safeguarding refugees, India maintains its stance on providing shelter and assistance to those fleeing the crisis in Myanmar on humanitarian grounds.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/india-news/733-myanmar-refugees-living-in-mizoram-373164" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/733-myanmar-refugees-living-in-mizoram-373164&amp;sa=U&amp;ved=2ahUKEwjmo5uF-eSEAxWaV2wGHS8bA94QFnoECAUQAg&amp;usg=AOvVaw37x27IxLuRYi-Wtce2Ok42" dir="ltr" href="https://www.wionews.com/india-news/733-myanmar-refugees-living-in-mizoram-373164" target="_blank">733&nbsp;Myanmar refugees&nbsp;living in Mizoram</a>

India's decision to terminate the visa-free movement policy with Myanmar for border citizens was announced last month, citing reasons such as national security concerns.

This decision came shortly after the interior minister disclosed plans to fence the 1,643-km (1,020-mile) border with Myanmar.

(With inputs from agencies)

India has deported the initial batch of Myanmar refugees who sought asylum in the country following the military coup in 2021, as disclosed by the chief minister of Manipur state on Friday (March 8).

India has deported the initial batch of Myanmar refugees who sought asylum in the country following the military coup in 2021, as disclosed by the chief minister of Manipur state on Friday (March 8). The move comes weeks after India terminated a visa-free border policy with Myanmar. While specific details on the number of individuals deported are not immediately available, the influx of thousands of civilians and hundreds of troops into Indian states since the 2021 coup has raised concerns in New Delhi about the potential of communal tensions. Also read: Over 5,000 Myanmar refugees including soldiers flee to India N. Biren Singh, the chief minister of Manipur, announced the deportation on the microblogging platform X, revealing that the first group of Myanmar nationals who entered India illegally had been expelled. Manipur, a northeastern state, has witnessed sporadic violence resulting in nearly 200 fatalities since ethnic clashes erupted in May of the preceding year. In the absence of a signed agreement on the 1951 UN Refugee Convention, which outlines refugee rights and the responsibilities of states in protecting them, and without domestic laws specifically safeguarding refugees, India maintains its stance on providing shelter and assistance to those fleeing the crisis in Myanmar on humanitarian grounds. Also read: 733 Myanmar refugees living in Mizoram India's decision to terminate the visa-free movement policy with Myanmar for border citizens was announced last month, citing reasons such as national security concerns. This decision came shortly after the interior minister disclosed plans to fence the 1,643-km (1,020-mile) border with Myanmar. (With inputs from agencies)

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