As Trade Ministers from Switzerland and Norway visit Delhi this week, officials say they remain optimistic of reaching an agreement on a trade pact with Nordic countries in the next few months, although several outstanding issues remain and Indian trade negotiators are busy trying to close other FTAs with the U.K. and Australia. Talks about TEPA (Trade and Economic Partnership Agreement) and a Bilateral Investment Treaty (BIT) between India, and four European countries who make up the European Free Trade Association (EFTA), outside the European Union (EU): Iceland, Liechtenstein, Norway and Switzerland, began 15 years ago, and despite 20 rounds of negotiations, they have not yet been closed, with attempts to sign an agreement before the General Elections due in India in May 2024.
Sources said this week would be a “critical moment” in whether the India-EFTA negotiations can find a breakthrough. The four-nation grouping has already signed 30 free trade agreements (FTAs) with other countries, and has ongoing negotiations with India, Thailand, Malaysia, Vietnam, Kosovo and the South American MERCOSUR.
The two-day visit of Norwegian Trade Minister Jan Christian Vestre and Swiss State Secretary for Economic Affairs Helene Budliger Artieda on December 12 will follow a visit by Ministry of External Affairs (MEA) Secretary (West) Sanjay Verma to Switzerland and Liechtenstein for Foreign Office Consultations (FOC) on December 7-8 where the India-EFTA TEPA and BIT were discussed.
