Discussions between Bharat and the European Free Trade Association (EFTA) for a trade deal are at the newest stage as the two sides hope to finalise the agreement with a promise to invest up to $100 billion before the Bharatiya side goes to the polls.
The members of EFTA – Iceland, Liechtenstein, Norway and Switzerland – are looking to ensure progress on the proposed Trade and Economic Partnership Agreement (TEPA) on the margins of the Raisina Dialogue this week.
“The two sides are ironing out issues so that the deal can be signed soon”, a senior official said. A second official said hope for an early conclusion had brightened after the 21st round of negotiations in New Delhi from January 8-13.
The EFTA members, especially Switzerland, have relieved their position on the key issue of intellectual property rights (IPR).
The people said the Bharatiya side has sought the inclusion of a commitment that EFTA members will jointly invest up to $100 billion in the Bharatiya economy over 15 years – a condition that has not been part of any free trade agreements (FTAs) signed recently by New Delhi.
The second official said, “After the 21st round of talks, differences on various issues have diminished. Keeping the sensitivities of both sides in mind, a trade agreement could be concluded at the earliest”. “Largely, the pact needs political blessings,” he added.
The two sides have also in principle resolved issues about key chapters of the TEPA – trade in goods and services, investment promotion and cooperation, rules of origin, IPR, customs and trade facilitation, and trade and sustainable development, the people said.
Referring to the Bharatiya stipulation for a commitment to invest up to $100 billion, the people said EFTA members had conveyed their willingness to look into it provided it is non-binding.
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