Pacts with UK, EFTA to Bring in $100bn investments: Piyush Goyal

Minister of Commerce and Industry Piyush Goyal on Sunday listed the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) which has now come into force, and his meeting with UK Prime Minister Keir Starmer in Mumbai to advance the India-UK trade and investment partnership as major highlights of his ministry in the last fortnight.

"The TEPA between India and EFTA, has come into force. The shared objective of the agreement is to mobilise $100 billion in investments and create one million direct jobs in India over the next 15 years," he said.

Under EFTA, the four-nation bloc comprising Switzerland, Norway, Iceland and Liechtenstein, is offering 92.2% of its tariff lines, which cover 99.6% of India's exports to the region. The EFTA's market access offer covers 100% of non-agricultural products and tariff concessions on some processed agricultural products. India is offering 82.7% of its tariff lines, which cover 95.3% of EFTA exports. However, the effective duty on gold remains untouched.

The pact will reduce tariffs on specific EFTA goods for Indian consumers, such as Swiss watches, whisky, and chocolates.

The agreement includes provisions for mutual recognition of services, allowing professionals in fields like nursing, chartered accountancy, and architecture to work in EFTA countries.

It also covers intellectual property rights, with a focus on addressing India's concerns about patent safeguards, particularly the evergreening of patents in pharma products.

Goyal said: "Met UK PM Keir Starmer in Mumbai and discussed ways to strengthen the India-UK trade and economic partnership. Also met Peter Kyle, UK Secretary of State for Business and Trade, in Mumbai to advance the India-UK trade and investment partnership."