New Delhi

India signed the Free Trade Agreement (FTA) with the four-nation European Free Trade Association (EFTA) bloc, on Sunday.

Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement in the national capital on Sunday.

The European Free Trade Association (EFTA) is a regional trade organisation of four countries--Iceland, Liechtenstein, Norway and Switzerland--that aims to promote free trade and economic integration.

The Foreign Minister of Iceland, Bjarni Benediktsson, and Liechtenstein, Dominique Hasler, arrived in the national capital for the signing of Trade and Economic Participation Agreement (TEPA).

Ministry of External Affairs (MEA) spokesperson, Randhir Jaiswal posted about her arrival saying that the visit by the Liechtenstein minister will boost economic and commercial partnership between the two countries.

He added that Benediktsson's visit would further strengthen India-Iceland ties, including in spheres of trade and investment.

EFTA and India began negotiating a free trade agreement 15 years ago and the deal was eventually closed after 20 rounds of negotiations.

Over the past few months, India and EFTA have significantly intensified their engagement, highlighting the commitment of both parties to achieving an early conclusion to the TEPA negotiations.

Prime Minister Narendra Modi on Sunday congratulated the negotiators and signatories on the signing of the Trade and Economic Participation Agreement (TEPA) between India and the Switzerland, Norway, Iceland and Liechtenstein., saying that despite structural diversities in many aspects, "our economies possess complementarities that promise to be a win-win situation for all nations".

PM Modi, in a letter, said March 10, 2024, marks a new turn and a watershed moment in the bilateral relationship between India and the EFTA countries of Switzerland, Norway, Iceland and Liechtenstein.

"Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of the India-EFTA Trade and Economic Participation Agreement (TEPA)," he wrote.

PM Modi also commended the culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations

Calling it one of the most pioneering free trade agreements ever concluded between our countries, PM Modi wrote, "TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people."

"Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations," he added.

Further, in his congratulatory letter, PM Modi added that with the opening up of enormous trading and investment opportunities, India has reached a new level of trust and ambition.

"The trade agreement symbolizes our shared commitment to open, fair, and equitable trade, as well as generating growth and employment for the youth," PM Modi added.

He noted that in the last 10 years, India's economy has taken a quantum leap, moving from being the world's 11th-largest economy to the 5th-largest.

Detailing his 'next goal', PM Modi said, "Our next goal is to make India's economy the third largest economy in the world."

"We have enhanced the ease of doing business, through wide-ranging reforms, which has helped our nation touch new heights in business, manufacturing and exports," PM Modi stated, adding, "The global leadership of EFTA countries in innovation and R&D across diverse spheres such as digital trade, banking and financial services, transport and logistics, industrial machinery, bio-technology, pharmaceuticals, chemicals, food processing and clean energy, will open up new doors of collaboration."

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"India will extend all possible support to EFTA countries and facilitate industry and businesses, not only to achieve the committed targets, but also to go beyond them," he said, adding, "May this agreement mark the beginning of a new chapter in the journey of our nations toward a more prosperous future for us all."