He emphasized that the Indian economy has achieved a “qualitative leap” in the past 10 years (data map)
New Delhi:
Prime Minister Narendra Modi praised the free trade agreement signed between India and the Quad-European Free Trade Association group on Sunday, calling it a “watershed moment” and adding that the agreement underlines New Delhi’s strong commitment to promoting shared prosperity and development . More inclusive partnerships.
India and the European Free Trade Association (EFTA) signed the Trade and Economic Partnership Agreement (TEPA) on Sunday.
The European Free Trade Association is a trade organization and free trade area composed of four European countries: Iceland, Liechtenstein, Norway and Switzerland.
“Delighted with the signing of the India-EFTA Trade and Economic Partnership Agreement. This landmark agreement underlines our commitment to promoting economic progress and creating opportunities for young people. As we strengthen free trade with Europe Alliance ties will bring more prosperity and shared growth to the country in the coming era,” PM Modi posted on X.
Delighted with the signing of the India-European Free Trade Association Trade and Economic Partnership Agreement. This landmark agreement underlines our commitment to promoting economic progress and creating opportunities for young people. The era ahead will bring more prosperity and shared growth as we strengthen… https://t.co/z40wurQn9Mpic.twitter.com/i9vQM9jYAi
— Narendra Modi (@narendramodi) March 10, 2024
Prime Minister Modi said that this “innovative and balanced” trade agreement reflects the respective development aspirations of both parties and symbolizes their shared commitment to open, fair and just trade.
As part of the agreement, the EFTA committed to promoting investment, increasing India’s foreign direct investment stock by $100 billion over the next 15 years and creating 1 million direct jobs in India through such investments.
Notably, India has been working on signing a Trade and Economic Partnership Agreement (TEPA) with European Free Trade Association countries including Switzerland, Iceland, Norway and Liechtenstein for many years.
“March 10, 2024 marks a new turning point and watershed in India’s bilateral relations with EFTA countries such as Switzerland, Norway, Iceland and Liechtenstein. My best wishes to the negotiators and signatories involved in signing the India-EFTA Sincere congratulations and best wishes on the Trade and Economic Engagement Agreement (TEPA),” Prime Minister Modi said in a statement.
He said the efforts to finalize an innovative and balanced trade agreement that reflects each country’s development aspirations are commendable.
He said, “TEPA is one of the most ground-breaking free trade agreements concluded between our two countries and underlines our strong commitment to shared prosperity and the creation of a stronger and more capable EFTA between India and the European Free Trade Association. inclusive partnership efforts to further realize the aspirations of our people.”
Prime Minister Modi stressed that although India and EFTA countries have structural differences in many aspects, their economies are complementary and are expected to bring “win-win” to all countries.
He said that with the opening up of huge trade and investment opportunities, the trust and ambition between India and the EFTA countries have reached a new level and the trade agreement symbolizes “our shared commitment to open, fair and equitable trade”, and promote growth and youth employment.
He emphasized that the Indian economy has achieved a “qualitative leap” in the past 10 years, jumping from the world’s eleventh largest economy to the fifth largest economy. The next step is to become the “world’s third largest economy.”
“Through a wide range of reforms, we have improved the ease of doing business, helping our country reach new heights in commerce, manufacturing and exports. EFTA countries have established strong partnerships in areas such as digital trade, banking and finance. Global leadership in innovation and research and development. Financial services, transportation and logistics, industrial machinery, biotechnology, pharmaceuticals, chemicals, food processing and clean energy will open new doors for cooperation,” Prime Minister Modi said.
He further assured that India will provide all possible support to EFTA countries and facilitate industries and businesses not only to achieve the promised goals but “to exceed them”.
“May this agreement mark the beginning of a new chapter in our countries’ journey towards a more prosperous future,” he added.
Union Commerce Minister Piyush Goyal co-chaired a meeting on the India-EFTA Trade Agreement in the national capital on Sunday.
“In the history of free trade agreements, there has never been a free trade agreement like this,” he said, adding that it was very balanced, fair and just.
Goyal said that this is an important moment and the signing of the Trade and Economic Participation Agreement with the European Free Trade Association marks the culmination of nearly 15 years of hard work, tremendous energy and effort.
External Affairs Minister S Jaishankar also welcomed the signing of the free trade agreement and said it reflected a new way to further deepen international economic cooperation.
“This is a great day for India’s partnership with Iceland, Liechtenstein, Norway and Switzerland. Congratulations to my colleague CIM @PiyushGoyal on this achievement. India-EFTA Trade and Economic Partnership Agreement signed today (TEPA) is a bold achievement. It reflects a new way to further promote international economic cooperation,” he said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
