EFTA and India reconvene for trade talks

28 April 2023 11:39

LiechtensteinSICC

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New Delhi - High-level officials from India and the members states of the European Free Trade Association (EFTA) have discussed the possibility of resuming negotiations on a potential trade agreement. They agreed to work towards strengthening their economic partnership.

At a meeting between high-level delegations from the EFTA member states (Switzerland, Liechtenstein, Norway and Iceland) and India, the two sides have now agreed to resume negotiations on a potential trade deal. In a joint statement published following the meeting, both sides acknowledged the challenges posed by the “current global economic and trade environment” as well as the need to solve issues related to bilateral trade and economic partnerships in a “constructive and pragmatic” manner.

As the statement explains further, EFTA and India have also agreed to continue efforts aimed at resolving “all outstanding issues and to work towards deepening and strengthening the economic partnership”. At the same time, both sides are keen to contribute to a more inclusive global trading system.

EFTA member states intend to expand their footprint in the fast-growing Indian market. For its part, India is keen to strengthen economic ties with EFTA countries as it seeks to diversify its export markets. In this context, New Delhi is already conducting talks with the EU, UK, Israel and other countries. ce/mm

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