Goyal to visit Switzerland to work on $100 billion FDI target under India-EFTA agreement

Commerce and Industry Minister Piyush Goyal will visit Switzerland on Sunday to meet investors from European Free Trade Association (EFTA) countries – Switzerland, Norway, Iceland and Liechtenstein – to begin discussions on their investment plans in India in line with the $100. Billions of investments were committed in the India-EFTA Free Trade Agreement (FTA).

Ratification of the India-EFTA FTA will also be discussed between the two sides during the visit, Goyal said on the sidelines of a FICCI event on Tuesday.

“The enthusiasm I am getting in Iceland, Liechtenstein, Norway and Switzerland makes me believe that if we all come forward we can really exceed that (commitment). They will look for Indian partners and investors,” he said at an industry event here.

The minister’s Sunday agenda includes talks with industry “to see what we can do to promote investment.” Because $100 billion cannot be made overnight.”

India and EFTA countries signed an FTA in March this year, under which EFTA countries committed to invest $100 billion in India over 15 years, which will create 1 million jobs. India is committed to eliminating tariffs on a wide range of products from EFTA countries, especially Switzerland. These items include chocolates, watches, bicycle parts, smartphones, apparel and olive oil, among many others.

“For the first time in history, an FTA has led to investment and jobs. If they (EFTA) do not fulfill the commitments, India can withdraw the concessions given in the FTA.

On the proposed India-UK FTA, Goyal said both sides were deeply committed to it and the initial comments made by the new UK government were very encouraging.

Responding to media questions on the agreement, he said, “Like the Modi government, the Labor Party is deeply committed (to the FTA).”

Prime Minister Narendra Modi and Britain’s newly elected Prime Minister Keir Starmer in a telephone conversation last week expressed their desire to conclude an FTA that would work for both sides. Both agreed to work towards early completion of the agreement which could potentially double bilateral trade by 2030.

Responding to a question on whether the government was considering lifting the ban on export of certain varieties of non-Basmati rice, Goyal said the decision would be taken by ministers after assessing production, consumption patterns and prices in the retail and wholesale markets. are taken by a group of. ,