PM Modi hailed today’s date as a “watershed moment” which marks a new turn in the bilateral ties between India and the EFTA countries of Switzerland, Norway, Iceland and Liechtenstein.
New Delhi: Prime Minister Narendra Modi Sunday said the newly-inked free trade agreement (FTA) between India and the European Free Trade Association (EFTA) promises to be a win-win situations all nations who are signatories in the landmark deal.
Congratulating the negotiators and signatories on signing the FTA, PM Modi asserted that despite structural diversities in many aspects, “our economies possess complementarities that promise to be a win-win situation for all nations”.
“Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of the India-EFTA Trade and Economic Participation Agreement (TEPA),” PM Modi wrote in a letter.
‘Watershed moment’
The Prime Minister hailed today’s date as a “watershed moment” which marks a new turn in the bilateral ties between India and the EFTA countries of Switzerland, Norway, Iceland and Liechtenstein.
“TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people. Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations,” Modi said.
In his congratulatory letter, PM Modi added that with the opening up of enormous trading and investment opportunities, India has reached a new level of trust and ambition.
“The trade agreement symbolizes our shared commitment to open, fair, and equitable trade, as well as generating growth and employment for the youth,” he said.
Indian economy took quantum leap in 10 years
The Prime Minister noted that in the last 10 years, India’s economy has taken a quantum leap, from being the world’s 11th-largest economy to the 5th-largest.
Detailing his ‘next goal’, PM Modi said, “Our next goal is to make India’s economy the third largest economy in the world.”
“We have enhanced the ease of doing business, through wide-ranging reforms, which has helped our nation touch new heights in business, manufacturing and exports,” PM Modi stated.
“The global leadership of EFTA countries in innovation and R&D across diverse spheres such as digital trade, banking and financial services, transport and logistics, industrial machinery, bio-technology, pharmaceuticals, chemicals, food processing and clean energy, will open up new doors of collaboration.”
India will extend support to EFTA nations
Modi assured that India will extend support to EFTA countries and facilitate industry and businesses.
“India will extend all possible support to EFTA countries and facilitate industry and businesses, not only to achieve the committed targets, but also to go beyond them,” he said, adding, “May this agreement mark the beginning of a new chapter in the journey of our nations toward a more prosperous future for us all.”
India of Sunday signed a FTA with the four-nation EFTA bloc with Union Commerce Minister Piyush Goyal co-chairing the meeting in the national capital.
(With ANI inputs)
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