- March 8, 2024
Trade deal with 4 European nations before Lok Sabha elections – Times of India
NEW DELHI: Commerce ministry will give the finishing touches to a trade deal with the European Free Trade Association — comprising Switzerland, Norway, Iceland and Liechtenstein — after the Union cabinet is learnt to have approved the deal in-principle.
A formal announcement on what will be a pact with another bloc of developed nations is expected to be announced before the Election Commission sets in motion the poll process in the middle of next week.
After holding back bilateral trade treaties for years, India has been on an FTA overdrive of sorts, signing agreements with Mauritius, Australia and the UAE, while holding talks with the UK, European Union, Oman and Sri Lanka. In addition, a review of the agreement with Asean is under way, but negotiations with Canada have been put on hold after a diplomatic row.
With EFTA, for which talks resumed only last summer, the idea is to lower import duties on several products, without compromising on aspects such as patents regime, in return for getting investments from Swiss and Norwegian companies. India and the European trading bloc had earlier held negotiations from 2008, but talks collapsed over the issue of patents and geographical indications as also removal of import duty on gold, which remains a no go area for New Delhi. The agreement will have chapters including trade in goods and services, rules of origin, intellectual property rights, investment, trade and sustainable development, and trade facilitation.
Late Jan, Swiss economy minister Guy Parmelin flew to India on a whistle-stop tour to Mumbai to hold discussions with commerce and industry minister Piyush Goyal. “It was there that we reached agreement, after 16 years of negotiations, on the broad lines of the EFTA-India trade agreement,” he posted on social media.
A formal announcement on what will be a pact with another bloc of developed nations is expected to be announced before the Election Commission sets in motion the poll process in the middle of next week.
After holding back bilateral trade treaties for years, India has been on an FTA overdrive of sorts, signing agreements with Mauritius, Australia and the UAE, while holding talks with the UK, European Union, Oman and Sri Lanka. In addition, a review of the agreement with Asean is under way, but negotiations with Canada have been put on hold after a diplomatic row.
With EFTA, for which talks resumed only last summer, the idea is to lower import duties on several products, without compromising on aspects such as patents regime, in return for getting investments from Swiss and Norwegian companies. India and the European trading bloc had earlier held negotiations from 2008, but talks collapsed over the issue of patents and geographical indications as also removal of import duty on gold, which remains a no go area for New Delhi. The agreement will have chapters including trade in goods and services, rules of origin, intellectual property rights, investment, trade and sustainable development, and trade facilitation.
Late Jan, Swiss economy minister Guy Parmelin flew to India on a whistle-stop tour to Mumbai to hold discussions with commerce and industry minister Piyush Goyal. “It was there that we reached agreement, after 16 years of negotiations, on the broad lines of the EFTA-India trade agreement,” he posted on social media.
