India Launches EFTA Desk to Strengthen Trade and Investment Relations with EFTA Nations

India Launches EFTA Desk to Strengthen Trade and Investment Relations with EFTA Nations

India has established an EFTA Desk to act as the primary point of contact for EFTA businesses, offering market insights, addressing concerns, and supporting business expansion. The desk plays a crucial role in the India-EFTA Free Trade Agreement (TEPA), a trade deal signed in 2024 between India and EFTA nations.

Key Highlights of TEPA:

• First Binding FTA: The agreement includes a binding commitment of $100 billion in investment and the creation of 1 million direct jobs over the next 15 years.
• Tariff Reduction: EFTA has agreed to eliminate 92.2% of tariff lines, which will benefit 99.6% of India’s exports.
• Market Access: The agreement provides full access for non-agricultural products and offers concessions on Processed Agricultural Products (PAP).
• Enhanced Services Access: EFTA's services offerings include:
  • Mode 1: Digital delivery of services.
  • Mode 3: Commercial presence.
  • Mode 4: Easier temporary stay for key personnel.
• Intellectual Property Rights (IPR): The agreement aligns with TRIPS standards, ensuring robust protection.
• Professional Recognition: The agreement includes recognition for professions like nursing, chartered accountancy, and architecture.
• Rules of Origin & Trade Remedies: Clear regulations are in place to ensure smooth trade flows and safeguard interests.

Challenges Associated with TEPA:

• Strict IPR rules may affect India's generic drug industry.
• Managing trade imbalances, particularly the high gold imports from Switzerland, will require careful attention.
• The 16-year negotiation period highlights the complexities of aligning the interests of both parties.

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