New Delhi : India on Tuesday said it wants to conclude a Free Trade Agreement with a smaller four-nation European Free Trade Association (EFTA) before end of this year, even as its determined trade pact with the European Union seems to have run into differences.
“Negotiations on the FTA will be commencing soon. We believe that we will be able to finish the EFTA trade agreement within one year,” Commerce and Industry Minister Kamal Nath told reporters here after meeting Swiss Federal Counsellor Doris Leuthard.
EFTA states include Iceland, Liechtenstein, Norway and Switzerland. It is an inter-governmental organisation to support free trade and economic integration between the four nations.
India and EFTA had agreed to launch negotiations on the broad-based trade and investment agreement in January this year, following recommendations of a Joint EFTA-India Study Group set up in December 2006.
The agreement is likely to include trade in goods, services, investment, intellectual property rights and technical cooperation.
Negotiations on the India-EU Comprehensive Economic Cooperation Agreement, encompassing both trade and investment, seem to have hit a roadblock with differences over the list of items which could be thrown open for trade without barriers.
Nath added that India attaches importance to Geographical Indications and Intellectual Property, which would be incorporated into the trade agreement. EFTA-India trade stood at about 2.7 billion dollars in 2006.
3 Comments
EFTA may open new investment trend in india
its good for these small countaries which are under EFTA,now they can easily do business in india
In 1960 The European Free Trade Association (EFTA) is founded by Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the UK