EFTA move toward trade and investment agreement
India and European Free Trade Association, comprising Switzerland, Norway, Liechtenstein and Iceland, on Saturday, agreed to set up a joint task force for negotiating a broad based trade and investment pact.
By PTI |
DAVOS: India and European Free Trade Association, comprising Switzerland, Norway, Liechtenstein and Iceland, on Saturday, agreed to set up a joint task force for negotiating a broad based trade and investment pact.
Union Commerce and Industry Minister Kamal Nath held talks in this regard with his counterparts here, and accepted the recommendations of a joint study group, set up in December 2006, to explore the feasibility of such an agreement.
The JSG submitted a report suggesting both sides would "significantly benefit from a bilateral broad-based trade and investment agreement".
Nath also announced the setting up of a joint task force comprising officials from India and EFTA states to monitor the implementation of JSG's recommendations.
India has shown interest for exploring a deeper engagement with EFTA due to strong complementarities between economies on both sides. The strong technology orientation of EFTA states is another reason for Indian companies expressing interest in such an agreement.
Bilateral trade between India and EFTA in 2005-06 was $7.4 billion, comprising exports of $623.11 million and imports of $6,852.25 million. Among the four EFTA members, India's largest trading partner is Switzerland followed by Norway, Iceland and Liechtenstein.
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The EFTA was founded in 1960 as a means of achieving growth and prosperity amongst its member states as well as promoting closer economic cooperation between countries in western Europe.Download
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