India-EFTA trade pact to spur investments and trade, says Swiss official
New Delhi, Oct 7
The India-EFTA Trade and Economic Partnership Agreement is expected to significantly boost bilateral trade and investments by providing preferential access to each other's markets, a senior Swiss trade official said on Wednesday.
Speaking to IANS on the sidelines of the India-EFTA Prosperity Summit here, Markus Schlagenhof, Deputy Secretary General and Director of the Trade Relations Division, Switzerland, said that trade agreements offering preferential market access typically lead to stronger commercial engagement and investment flows.
"We know that once preferential arrangements have been made between two countries, trade is going to boost because there's preferential access to each other's markets, and based on that, I'm convinced that investments will follow as well," Schlagenhof said.
Talking about the India-EFTA Prosperity Summit, he said the event marks one year since the agreement entered into force and serves as an opportunity for stakeholders to assess progress made on investment promotion commitments.
"This is the second Prosperity Summit, and we are here to celebrate the first anniversary of the entry into force of the agreement. It's time to review the promises both sides have made to promote investments and facilitate investments wherever possible, because investment happens when the right framework conditions are provided," he added.
He noted that more than 200 companies from EFTA member states are participating in the summit to take stock of developments since the implementation of the agreement and identify areas for further cooperation.
Emphasising the significance of the pact, Schlagenhof described the India-EFTA agreement as a landmark arrangement that includes an unprecedented investment commitment.
"This agreement is the first-ever agreement of this kind, with a never-seen investment pledge before. It provides the basis for further deepening relations between the EFTA states, and in particular Switzerland, and India," he said.
The European Free Trade Association (EFTA) comprises Switzerland, Norway, Iceland and Liechtenstein. The trade pact between India and the EFTA bloc is aimed at enhancing trade, investment and economic cooperation between the two sides.
— IANS
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