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EFTA-India Committed To Concluding FTA

by Ulrika Lomas, Tax-News.com, Brussels

14 June 2016


The chief negotiators of the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland) and India have held a meeting to "take stock" of the status of the ongoing negotiations for a bilateral Trade and Economic Partnership Agreement (TEPA).

According to a statement from EFTA, the stock-taking meeting was held on June 10, in "an amicable and constructive environment," with both sides keen to address the major outstanding issues and resume the negotiations at the earliest opportunity.

The EFTA-India TEPA negotiations began in October 2008 and so far 13 rounds of negotiations have been held. However, there has been a two-and-a-half year gap since the last round of talks took place, in November 2013.

Total merchandise trade between the EFTA states was approximately USD4.5bn in 2014, the vast majority of which - almost USD3.7bn - was between India and Switzerland.

In 2014, EFTA's top three imports from India were organic chemicals, precious stones and metals, and woven apparel. In the same year, India's top three imports from EFTA were machinery and mechanical devices, pharmaceutical products, and aircraft and spacecraft.

TAGS: environment | Iceland | India | trade treaty | Liechtenstein | Norway | Switzerland | trade | Europe

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