Source: The post EFTA India partnership boosts trade and innovation has been created, based on the article “India-EFTA trade agreement opens the door to long-term, multifaceted cooperation” published in “Indian Express” on 11th February 2025.
UPSC Syllabus Topic: GS Paper2-International relations- Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests.
Context: The article discusses India’s space success and its growing innovation. It explains the new EFTA–India trade agreement. EFTA countries bring advanced technology and investment. The partnership aims to create jobs, boost trade, and support India’s green transition through long-term collaboration.
For detailed information on EFTA-India Relations read this article here
Why is the EFTA–India Partnership Important?
- Strong Investment Commitment: EFTA plans to invest USD 100 billion in India and create 1 million jobs in the next 15 to 20 years.
- Boosts India’s Innovation: EFTA countries are leaders in advanced technology, pharmaceuticals, financial services, and precision engineering. Their expertise supports India’s innovation-driven economy.
- Supports Green Transition: Norwegian and Icelandic expertise in renewable energy can help India’s sustainability goals.
- Proven Collaboration in Space: Swiss technology contributed to India’s Moon mission success.
- Expands Trade Opportunities: The TEPA agreement ensures lower tariffs, better customs procedures, and intellectual property protection.
- Enhances Business Cooperation: Over 100 EFTA companies visited India, showing strong business interest.
- Long-Term Partnership: Unlike traditional trade deals, this partnership is based on trust, shared values, and sustainable growth.
What is the Role of the EFTA Desk in India?
The EFTA desk, launched on February 10, 2024, will help businesses find partners, understand regulations, and navigate the market. It ensures strong cooperation and smooth implementation of TEPA.
Conclusion
EFTA–India Partnership is just beginning. Both sides need continuous efforts to build a win-win relationship. Innovation, investment, and sustainability will drive mutual prosperity.
Question for practice:
Examine how the EFTA–India Partnership contributes to India’s economic growth, innovation, and sustainability.
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