vietexplorer0016

Trade and Economic Partnership Agreement (TEPA) negotiations between India and the EFTA countries began in 2008. After 21 extensive rounds of negotiations lasting nearly 16 years, the final agreement was eventually signed by all parties involved. This agreement is significant as it is the first-ever free trade agreement between India and European countries. However, its enforcement depends on the ratification process, which requires all five countries – India, Liechtenstein, Iceland, Norway, and Switzerland – to ratify the agreement. The agreement will come into force on the “first day of the third month” only after the instruments of ratification are deposited with the government of Norway. At present, India’s merchandise trade with EFTA countries amounts to USD 18.7 billion, with exports worth USD 1.9 billion and imports at USD 16.7 billion, resulting in a trade deficit of USD 14.8 billion. When we analyze the trade direction by country, we find that Switzerland is the d...