Commerce Secretary Sunil Barthwal has visited Norway to discuss the possibility of an early implementation of a Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA).
About
TEPA is a comprehensive trade agreement that aims to boost India's manufacturing sectors, including infrastructure, pharmaceuticals, chemicals, and IT services, while fostering job creation, vocational training, and technology collaboration.
Signed in March 2024, TEPA will also give a boost to “Make in India” and Aatmanirbhar Bharat initiatives.
EFTA
It is an intergovernmental grouping of four nations: Iceland, Liechtenstein, Norway, and Switzerland.
India is the EFTA's fifth-largest trading partner after the European Union, United States, Britain, and China, with total two-way trade touching $25 billion in 2023.
EFTA is offering 92.2% of its tariff lines which covers 99.6% of India’s exports.
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