Norway’s Minister of Trade and Industry, Jan Christian Vestre, expressed profound significance in the signing of the Trade and Economic Participation Agreement (TEPA) between India and the European Free Trade Association (EFTA) on Sunday, remarking, “Today is a day for the history books.” Describing the event as “tremendous,” he underscored the innovative approach toward fostering sustainable and equitable business practices.
Vestre elaborated, emphasizing the transformative potential of this agreement in promoting investments and achieving shared objectives such as addressing climate change, alleviating poverty, and advancing prosperity across nations.
Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement in the national capital today. The Norwegian Ambassador to India, May-Elin Stener, echoed Vestre’s sentiments on social media, citing his words and commemorating the historic moment of the India-EFTA trade and economic partnership agreement signing.
Additionally, Swiss Federal Councillor Guy Parmelin stressed the expected increase in foreign investment from EFTA into India, foreseeing a rise in quality employment opportunities. Speaking on behalf of the EFTA Member States during the signing ceremony, Parmelin highlighted the significant market access opportunities EFTA countries would gain in a major growth market.
Prime Minister Narendra Modi congratulated the negotiators and signatories on the TEPA signing between India and EFTA, emphasizing the complementarities between their economies despite structural diversities. He viewed March 10, 2024, as a pivotal moment signifying a new chapter and a landmark in the bilateral relationship between India and the EFTA countries of Switzerland, Norway, Iceland, and Liechtenstein.
