New Delhi, Oct 27 (IANS) India’s Finance Minister Nirmala Sitharaman on Tuesday held a discussion here with Hereditary Prince Alois and Hereditary Princess Sophie of Liechtenstein on possible collaboration between the two countries in advanced engineering, infrastructure and innovation.
Both sides agreed that bilateral ties between the two countries will be further strengthened by increasing opportunities for investment, trade and economic cooperation
The Hereditary Prince and Princess are on their State Visit to India. The leaders exchanged views on areas of mutual interest and discussed possible collaboration in advanced engineering, infrastructure and innovation, according to an official statement.
The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) became operational on October 1 last year, with the four-nation bloc comprising Liechtenstein, Switzerland, Norway and Iceland.
Under the agreement, the European bloc has committed an investment of $100 billion over a period of 15 years, which would facilitate the creation of one million direct jobs in India.
EFTA is offering 92.2 per cent of its tariff lines, which cover 99.6 per cent of India’s exports to the region. The EFTA’s market access offer covers 100 per cent of non-agricultural products and tariff concessions on some processed agricultural products.
India is offering 82.7 per cent of its tariff lines, which covers 95.3 per cent of EFTA exports. However, the effective duty on Gold remains untouched. Sensitivity related to PLI in sectors such as pharma, medical devices & processed food, etc., has been taken into account while extending offers. Sectors such as dairy, soya, coal and sensitive agricultural products are kept in the exclusion list.
The pact has reduced tariffs on specific EFTA goods for Indian consumers, such as Swiss watches, whisky and chocolates.
The agreement includes provisions for mutual recognition of services, allowing professionals in fields like nursing, chartered accountancy, and architecture to work in EFTA countries.
It also covers intellectual property rights, with a focus on addressing India’s concerns about patent safeguards, particularly the evergreening of patents in pharma products.
Besides, the agreement includes a sustainability clause covering labour rights, environmental protection, and human rights.
The agreement reflects India’s broader strategy of diversifying trade partnerships and positioning itself as a stable, rules-based and reliable destination for global investments, the article observes.
–IANS
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