Switzerland, Norway Ministers arriving for dialogue on trade
- The Trade Ministers from Switzerland and Norway visit India.
- This development with Nordic countries is in the background of many economic developments on bilateral, regional and global groupings.
EFTA and India
- India-EFTA negotiations may find a breakthrough.
- The four-nation grouping i.e. Iceland, Liechtenstein, Norway and Switzerland has already signed 30 free trade agreements (FTAs) with other countries.
- It has ongoing negotiations with India, Thailand, Malaysia, Vietnam, Kosovo and the South American MERCOSUR.
India and Switzerland
- There is a quest for TEPA and Bilateral Investment Treaty between India and Switzerland
- Prime Minister Narendra Modi also met with President of the Swiss Confederation Alain Berset on the sidelines of the CoP28 Climate Summit in Dubai on December 1.
Key issues of Talks
- cutting down trade tariffs
- mobility of services
- opening market access for companies on both sides.
- High tariffs of India.
- high-value-added products as machine tools, advanced chemicals and pharmaceuticals, Swiss chocolate, Norwegian and Icelandic fish.
- Rules of Origin
- Bilateral Trade and Investment Agreement (BTIA) with European Union.
Other Pending Economic Issues of India
- Early Harvest Agreement with Australia is not finalized.
- The Comprehensive Economic Partnership Agreement (CEPA) with Canada is till pending.
- Market access for U.K. legal and financial service firms to India.
Prelims Takeaway
- Early Harvest Agreement
- BTIA
- CEPA
- EFTA