He also said the Trade and Economic Partnership Agreement (TEPA) between India and four-nation European Free Trade Association (EFTA) will come into force from October 1. It was signed on March 10, 2024.
“Talks are going with the US (for a trade agreement). Talks are also underway with the EU, New Zealand, Oman, Peru and Chile,” Goyal said at the UP International Trade Show in Greater Noida.
Last week, the minister led an official delegation to New York for trade talks wherein the two sides decided to continue negotiations for early conclusion of a mutually beneficial bilateral trade agreement (BTA).
EFTA, other pacts
India has received an investment commitment of $100 billion in 15 years from EFTA under the TEPA while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties. “This pact will benefit Indian traders,” Goyal said, adding these agreements reflect increasing interest of the developed world towards India. He also said Qatar and Bahrain too are keen to negotiate trade pacts with India.
In August, India and the Eurasian Economic Union comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia signed terms of reference to launch negotiations on an FTA.
The minister also called for buying Made in India goods to promote domestic manufacturing and said over 1,200 products under One District One Product scheme have received special focus, with both the central and state governments working hard to promote them in domestic and global markets.
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