[ad_1]
New Delhi: The free trade deal between four European countries (EFTA) and India will bring transformational changes to increase two-way economic relations and cannot come at a better time, Helen Budeligger, for the Secretary of State, Switzerland, said that the ambitious treaty came on Wednesday amid trade disintegration due to America’s tariff tussle.
Trade and Economic Partnership Agreement (TEPA) between New Delhi and European Free Trade Association, including Switzerland, Norway, Iceland and Liechtensine, expects to cut tariffs in 92.2 percent of Indian product categories.
Under the provisions of the sealed pact in March last year, four countries promised to invest USD 100 billion in the next 15 years, in addition to increasing trade engagement in areas of technology, manufacturing, textiles, leather and food products.
“It will be like a booster. There is a big interest from Switzerland to invest in India. I think it is safe to say that it is even more meaningful for us (looking at the current status of global business),” Budligger told PTI in an interview.
After the slapping of 50 percent tariff by President Donald Trump, India’s relations implemented a trade treaty amid serious recession, including 25 percent additional duties for the purchase of Russian crude oil.
In his comment, Budligar said, however, the Indo-EFTA trade treaty does not belong to the current situation arising out of the trade policy of Washington as the deal is the result of a 16-year dialogue. “
He said, “This is really an excellent moment and it will emphasize what we are trying to do. But it is wrong to say what is going on in the world, it was a reaction to what is going on in the world.”
India is the fifth largest trading partner for EFTA and two-businesses have been growing between the two sides over the years.
“It could not come in a better moment. But at the same time, I do not want us to be considered as an opportunistic country. Because the world is now in the turmoil, suddenly we discovered our love and praise for India – this is not at all.”
He said, “That’s why I underlined that we wanted it for 16 years. We talked about it for 16 years. We have had a long relationship. We felt incredibly proud when we were friends and companions of India,” she said.
Rapid about India’s economic development, Budligar recalled the “30–30-30” formulation of Commerce Minister Piyush Goyal to describe the future development trajectory of the country.
“Minister Goyal spoke to me about 30-30-30 during the conversation. This means that in 30 years, India will be the USD of the trillion economy of 30 years and your population will still be 30 years old. And we would have completely bought it completely,” he said.
For Economic Affairs, the Secretary of State also picked with India for bilateral investment protection treaty.
“This is one of the things that are looking for our companies,” she said.
Budligar also assured that the EFTA nation would meet the target of investing 100 billion USD in India within 15 years.
“It is a realistic person. It is a private sector that needs to be played. Our private sector is very serious about it. I can tell you that there is a large -scale interest to promote relations with India,” he said.
The top official said, “Representatives of 40 companies are with me. They have large -scale investment plans. I am very optimistic that within 15 years, we will reach USD 100 billion investment targets.”
At the same time, he said that the condition of the framework would need to be placed in place.
Budligar said the trade agreement India-Switzerland will also promote bilateral trade cooperation.
India has over 330 Swiss companies in areas such as engineering, services, accurate equipment, chemicals and pharmaceuticals, while Indian companies are present in areas such as IT, pharmaceuticals and machinery in Switzerland.
In June, Commerce Minister Goyal visited Switzerland, focusing on advancing bilateral economic cooperation and operating TEPA.
Goyal interacted with the federal councilor Gai Paramelin and State Secretary Budligar to chart a forward -looking roadmap for TEPA implementation.
The discussion also focused on regulatory cooperation, skill development, innovation participation and mechanism to facilitate rapid investment decision making.
[ad_2]
