EFTA-India free trade agreement likely this year: Sharma

Rajesh Rai
Basel (Switzerland), Mar 25 (PTI) A broad-based trade
and investment agreement between India and four-nation
European Free Trade Association (EFTA), which includes
Switzerland, is expected to conclude this year to facilitate
closer economic cooperation.
Commerce and Industry Minister of India Anand Sharma
said that seven round of negotiations have already been
completed. EFTA states include Iceland, Liechtenstein and
Norway, besides Switzerland. It is an inter-governmental
organisation that promotes free trade and economic integration
between the four nations.
"We are in the advance stage to conclude the free
trade agreement. We are fast tracking the negotiations with
EFTA...I hope that within a month's time, both the sides will
be in a position to make specific offers...," Sharma said.
Sharma was here to inaugurate the Indian pavilion at
the world's most coveted watch and jewellery show 'Basel World
2011'.
He said that India would embrace entire Europe through
the comprehensive free trade agreement. India is also deeply
engaged with the 27-nation European Union for a bilateral
trade and investment agreement.
The minister said that the progress of India EFTA free
trade pact would be figured during his bilateral meeting with
Switzerland`s Economic Minister, Johann Schneider-Ammann in
Bern today.
The EFTA members are not part of 27-nation European
Union.
In the seventh round of talk, which was held last
month in New Delhi, both the sides discussed about market
access for industrial products, fish and agricultural goods,
sanitary and phytosanitary measures, technical barriers to
trade, customs procedures and trade facilitation, investment,
intellectual property rights and dispute settlement.
India and EFTA had agreed to launch negotiations on
the trade and investment agreement in January this year,
following recommendations of a Joint EFTA-India Study Group
set up in December 2006.
"When the FTA is concluded, we hope that there will be
a significant rise in bilateral trade," Sharma said.
The trade between Switzerland and India stood at USD
18 billion in 2010 up from USD 15 billion last year.
Swiss exports to India include machines,
pharmaceutical and chemical products as well as precision
instruments, while imports from India include textiles,
agricultural products and components for the airline industry.
There are about 170 Swiss companies doing business in
India.
Sharma further said India was seeking advance
scientific research and institutional linkages with
Switzerland for its various sectors.
Another area of mutual cooperation has been vocational
skills training modules that India strongly needs to meet the
challenges that will emerge from the massive economic
development taking place at present.
"We are closely looking at replicating the industrial
cluster approach module and also skills training modules with
the help from our Swiss counterparts. We hope the FTA will
help all the sides to achieve their objective of enhancing
cooperation and economic engagement," he said.