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A group of investors from European Free Trade Association (EFTA) -- Norway, Switzerland Iceland and Liechtenstein -- are arriving New Delhi on Wednesday to announce the first tranche of $100 billion investments they committed under the India-European Free Trade Association (EFTA) free trade agreement, officials said.
The FTA with the EFTA countries, which was finalised in March 2024, will come into effect from October 1, 2025, Union commerce minister Piyush Goyal said while addressing the valedictory session of the UP International Trade Show 2025 (UPITS 2025) in Greater Noida on Monday. Ministers from India and EFTA nations are expected to formally launch the FTA in New Delhi on Wednesday.
Officials, who did not wish to be named, said that the occasion is expected to be marked by a visit of nearly 40-member business delegation from EFTA with their investment plans in sectors such as information technology, clean energy and pharmaceuticals. They declined to disclose project-wise details and the quantum of investments. “An announcement to this effect is expected by them on October 1.
India and EFTA nations signed the Trade and Economic Partnership Agreement (TEPA) on March 10 with a binding commitment from the bloc for infusion of direct investments of $100 billion in 15 years to create 1 million jobs. EFTA is an inter-governmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four member states.
“For the first ever time in the history of FTAs, a legal commitment is being made about promoting target-oriented investment and creation of jobs,” an official said, adding that the investments do not cover foreign portfolio investment. The European bloc is looking at FDI opportunities in India's growing sectors such as digital trade, banking, financial services, transport, logistics, industrial machinery, bio technology, pharmaceuticals, chemicals, food processing and clean energy.
According to Goyal, the Indian economy is attracting foreign investors because of its inherent strengths. Speaking at the UP International Trade Show, Goyal said that the 11-year journey of the Narendra Modi government transformed the Indian economy from the fragile-five to the fourth largest in the world, and in the next two years it would become the third largest. “It will be a $5 trillion economy,” he said, citing its strong economic fundamentals such as low inflation, high GDP growth, $700 billion foreign reserve and robustness of Indian banks with low interest rates to boost investments.
He said several countries, including the developed ones, are now interested to forge bilateral free trade agreements with India because of India's strengths. India has already signed FTAs with the United Arab Emirates (UAE), Australia, the United Kingdom (UK) and EFTA, he said. The industry can avail the India-EFTA free trade agreement from October 1, he added.
“Talks are on with the US. Talks are on with the EU – the group of 27 European countries, New Zealand, Oman, Peru, Chile… Recently, ministers of Qatar and Bahrain came. They also want FTAs with India,” he said.
Referring to UPITS 2025's partner country Russia, Goyal said India has a “strong relationship” with the country ever since Independence, and India has signed “terms of reference” with the Eurasian Economic Union (EAEU) to negotiate an FTA. EAEU is the five-member post-Soviet bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia and the terms were signed on August 20. Goyal said these developments reflect India's attractiveness globally, particularly among the developed countries.
Source: HindustanTimes
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