Prime Minister Narendra Modi said, ‘The signing of the trade agreement between Bharat and the four-nation European bloc EFTA is a “watershed moment” as it symbolises shared commitment to open, fair and equitable trade’.
He further said, ‘The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Bharat will extend all possible support to these countries and facilitate industry and businesses, not only to achieve the committed targets but also to go beyond them.
In the agreement, the EFTA bloc has committed to invest USD 100 billion in Bharat over the next 15 years. “The Tenth of March 2024 marks a new turn and a watershed moment in the bilateral relationship between Bharat and EFTA countries,” Modi said.
He said the global leadership of the four nations in innovation, R&D across diverse areas such as digital trade, banking and financial services, transport and logistics, industrial machinery, biotechnology, pharma, chemicals, food processing, and clean energy, will open up new doors of collaboration.
“Heartiest Congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Participation Agreement (TEPA),” Modi said in a written message.
The Prime Minister’s statement was read by Commerce and Industry Minister Piyush Goyal here in the presence of ministers and officials of EFTA countries. “In the last 10 years, India’s economy has taken a quantum leap, moving from being the world’s eleventh largest economy to the fifth largest. Our next goal is to make India’s economy in the world,” the Prime Minister said.
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