PM Modi says India’s trade and economic partnership agreement with EFTA marks the country’s first FTA with a European economic bloc, with focus on investment, exports and jobs.
Prime Minister Narendra Modi on Monday said India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) is set to unlock $100 billion in investment and create 10 lakh direct jobs in India over the next 15 years.
Speaking alongside Swiss President Guy Parmelin after delegation-level talks in New Delhi, Modi described the agreement as India’s first FTA with a European economic bloc.
The Prime Minister said the pact would deepen economic ties by boosting Indian exports of agricultural, pharmaceutical, textile and engineering goods to Switzerland, while encouraging Swiss investment in sectors including biotechnology, life sciences, banking, insurance, food processing and sustainability.
India and Switzerland also signed agreements aimed at strengthening migration and mobility cooperation and creating opportunities for Indian students, researchers and young professionals in Switzerland.
Modi said people-to-people ties remain a key pillar of the bilateral relationship and that the new agreements would create greater opportunities for Indian youth.
President Parmelin is on a three-day state visit to India, during which the two sides are expected to expand cooperation in trade, investment, science, technology and workforce mobility. He is also scheduled to attend the India-EFTA Prosperity Summit on October 7, marking one year of TEPA’s operationalisation.
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