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India Celebrates 2 Years of EFTA Trade Pact & Honors Top Innovators

Commerce Minister Piyush Goyal marked two years of the India-EFTA Trade and Economic Partnership Agreement, noting its $100 billion investment commitment and an initial $30 million investment from Iceland in fisheries. The government presented National Intellectual Property Awards to scientists, MSMEs, and institutions to drive innovation-led growth. On exports, the first consignment of Assam's GI-tagged Joha rice was shipped to the United Kingdom and Italy. The minister also held discussions with international executives and Greek officials to deepen trade and investment cooperation.

Key Points: India-EFTA Trade Pact Hits 2-Year Mark, IP Awards Presented

  • India-EFTA pact marks 2 years
  • $30M Iceland investment in fisheries
  • National IP Awards honor innovators
  • First GI-tagged Joha rice exported to UK & Italy
  • 65% of developed markets covered by FTAs
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India marks 2 years of EFTA trade pact, celebrates National IP Awards

Commerce Minister Piyush Goyal highlights $100B EFTA investment, National IP Awards, women MSME honors, and new exports of GI-tagged Joha rice.

"The agreement has created an investment pathway with a legally binding investment commitment of $100 billion over 15 years - Piyush Goyal"

New Delhi, March 21

Commerce and Industry Minister Piyush Goyal on Saturday highlighted key achievements of the ministry over the past week, including progress on trade agreements, innovation recognition and export promotion initiatives.

Marking two years of the India-EFTA Trade and Economic Partnership Agreement (TEPA), the minister said the pact has begun yielding results, with Iceland investing $30 million in Maharashtra's fisheries sector.

"The agreement has created an investment pathway with a legally binding investment commitment of $100 billion over 15 years, with the potential to create 1 million direct jobs," the minister said on X.

Goyal also said the National Intellectual Property (IP) Awards were presented to recognise contributions from scientists, innovators, MSMEs, entrepreneurs and academic institutions, including IITs, for driving India's innovation-led growth.

Highlighting support for women entrepreneurs, he said 11 women MSME leaders were honoured with the FICCI FLO National MSME Awards for their excellence.

The minister added that with nearly 65 per cent of developed markets now covered under India's free trade agreements (FTAs), domestic manufacturers have growing opportunities to integrate into global supply chains.

He further said a meeting was held with members of the Consultative Committee on Promotion of Export of Marine Products, where discussions focused on enhancing value addition, improving global competitiveness, strengthening infrastructure and ensuring better compliance standards.

On the export front, Goyal noted that the first consignment of 25 metric tonnes of GI-tagged Joha rice from Assam has been shipped to the United Kingdom and Italy.

"Earlier, Joha rice was exported to Vietnam and five Middle Eastern countries," he said.

Moreover, the minister on Friday held a conversation with Patrik Jonsson, Executive Vice President and President, Lilly International, USA, in which he discussed India's growth, Eli Lilly and Company's expanding operations and investments in India, and steps to further strengthen 'Make in India for the world'.

In addition, a virtual interaction between Harry Theoharis, Deputy Minister of Foreign Affairs, Greece, and Goyal was held on the same day, during which they discussed ways to further deepen India-Greece cooperation in trade, investment, tourism, maritime connectivity and other areas of mutual interest.

- IANS

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Reader Comments

P
Priya S
So happy to see women MSME leaders being recognized! We need more such platforms to encourage women entrepreneurs. The Joha rice export is also a proud moment for Assam's farmers.
R
Rohit P
Good progress, but I hope these FTAs and investments actually benefit our local manufacturers and create quality jobs on the ground. Sometimes the big numbers don't translate to real change for small businesses.
S
Sarah B
The focus on IP awards for IITs and innovators is crucial for long-term growth. Protecting intellectual property will attract more R&D investment to India. Smart move.
V
Vikram M
Iceland investing in Maharashtra fisheries is interesting. Hope it brings modern technology and sustainable practices to our coastal communities. The marine products committee meeting sounds promising too.
M
Michael C
Expanding ties with Greece is a strategic win. Maritime connectivity in the Mediterranean could be a game-changer for Indian exports to Europe. The government is clearly thinking globally.

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