UK, EFTA Pacts to Bring $100 Billion Investments: Piyush Goyal
Commerce and Industry Minister Piyush Goyal highlighted two significant achievements from his ministry over the past two weeks: the implementation of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) and his discussions with UK Prime Minister Keir Starmer in Mumbai regarding the enhancement of India-UK trade and investment relations.
Through the TEPA framework, the four-member EFTA group consisting of Switzerland, Norway, Iceland and Liechtenstein is providing access to 92.2 percent of their tariff categories, encompassing 99.6 percent of Indian exports to these nations.
EFTA's market opening initiative includes complete access for non-agricultural items and reduced tariffs on certain processed agricultural goods. In return, India is providing access to 82.7 percent of its tariff categories, representing 95.3 percent of EFTA's exports. Gold duties, however, remain unchanged.
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This partnership will lower import duties on particular EFTA products for Indian buyers, including Swiss timepieces, whisky, and chocolate products.
The deal incorporates mutual recognition arrangements for services, enabling professionals such as nurses, chartered accountants, and architects to practice within EFTA member states.
The agreement also addresses intellectual property matters, specifically targeting India's patent protection concerns, especially regarding pharmaceutical patent extensions.
Furthermore, Goyal mentioned that foreign investors have declared their intention to invest more than Rs.50,000 crore in India's financial and banking industries over recent months.
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Despite challenging global conditions, he described India as a sanctuary for investment opportunities.
He noted that India is currently becoming a favored location for investments. The minister emphasized that Foreign Direct Investment continues to maintain strong momentum even during uncertain periods.
"In the last few months itself, investors from all over the world have announced plans to invest over Rs 50,000 crore in India's finance and banking sector," he said in a post on X.
He noted that this increase in foreign direct investment demonstrates the rising appeal of India's economy among international investors.
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Government statistics reveal that FDI into India increased by 15 percent, reaching USD 18.62 billion in the April-June period of the current fiscal year, with investments from the United States experiencing nearly a threefold rise to USD 5.61 billion during this same three-month period.