Why in news
India and the European Free Trade Association (EFTA) launched the India-EFTA Desk to strengthen economic ties and facilitate investments under the Trade and Economic Partnership Agreement (TEPA).
India-EFTA Desk
It is a dedicated investment facilitation mechanism established by Invest India to serve as a single-window platform for businesses from the EFTA nations to invest in India.
The India-EFTA Desk aims to facilitate realising the objective of TEPA such as:
USD 100 billion FDI over 15 years, generating over 1 million direct jobs in India.
Commitments related to Intellectual Property Rights in TEPA.
Technology Collaboration aligning with Make in India & Atma Nirbhar Bharat.
India-EFTA TEPA is a comprehensive FTA signed in March 2024.
European Free Trade Association (EFTA)
EFTA is an intergovernmental organization of Iceland, Liechtenstein, Norway, and Switzerland, established under the Stockholm Convention (1960).
India is EFTA’s 5th-largest trading partner (after the EU, US, UK, and China).
Two-way trade: USD 24 billion (2023-24), up from USD 18.65 billion (2022-23), with a trade gap favoring EFTA.
Key partners: Switzerland (largest), followed by Norway.
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