New Delhi: Commerce and Industry Minister Piyush Goyal put forward this proposal on Wednesday free trade Agreements with the EU and the four-nation EFTA grouping are possible, but they should take into account India’s concerns as the levels of economic development are different. Addressing CII’s India-Nordic Baltic Business Conclave here, he said the European Union (EU) and European Free Trade Association (EFTA) countries need to understand some “very important and significant” differences between the two regions.
“We are in active negotiations with the EU and EFTA for a free trade agreement… I believe both of these are eminently doable and will allow us to expand not only trade in goods services, but also investment. “Will also be of significant help in increasing our participation.” technology, tourism, innovation, and clean energy“Goyal said.
The countries of the Nordic region include Denmark, Norway, Sweden, Finland and Iceland, the Faroe Islands and Greenland, while the Baltic states include Estonia, Latvia and Lithuania.
India and the EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – are negotiating a Trade and Economic Partnership Agreement (TEPA) with the aim of boosting economic ties between the two regions.
Negotiations on the agreement were officially launched in January 2008. A total of 13 rounds of talks were held until autumn 2013 before the talks were halted.
Since talks resumed in October 2016, several rounds of talks have taken place.
Similarly, negotiations on a trade agreement between India and the European Union officially began in January 2008, but talks were halted in 2013 and resumed in June 2022.
Goyal said the Nordic and Baltic countries can act as India’s ambassadors to the EU and EFTA to help them understand some of the key and significant differences between the two sets of interconnected regions.
“Until this is understood by the EU and EFTA member states, it will be very difficult to consider a truly high-quality but also fair, balanced and equitable arrangement between them,” he said.
Explaining further, the Minister said that India has to focus on the needs of its 1.4 billion population, their future, jobs, work opportunities and better quality of life.
“Our per capita income base is about US$2,500 lower compared to your smaller populated countries and countries with per capita income of US$60,000-70,000,” Goyal said.
Citing the example of Norway, Goyal said Norway has around 6,000 fishermen, while India has around 4 million fishermen, who are small and marginalised.
The amount of investment in subsidizing Norway’s fishermen is many times that of India.
He said Indian fishermen are engaged in basic fishing near the coasts compared to developed countries where fishermen go deep into the sea to catch fish.
“It’s not a level playing field,” he said, adding that “when you’re starting from two different levels” there should be ample opportunity for free trade to catch up.
Furthermore, he said that the Nordic-Baltic region has come closer to India in recent years and Indian cuisine, Bollywood, yoga, Ayurveda and textiles are popular in that region.
Goyal said these countries have the best of innovation, green technology, AI and blockchain based transformation, supply chain logistics and fintech and these are areas where there is huge scope for cooperation with India.
He also invited Nordic-Baltic companies to exhibit, participate and collaborate in upcoming trade fairs in India.
He told the gathering that Bharattex to be held from February 26-29 will be attended by more than 3,500 exhibitors from about 40 countries.
The Bharat Mobility Show will commence from February 1-3 and will showcase the auto fair with the electric component as a key feature.
“We are in active negotiations with the EU and EFTA for a free trade agreement… I believe both of these are eminently doable and will allow us to expand not only trade in goods services, but also investment. “Will also be of significant help in increasing our participation.” technology, tourism, innovation, and clean energy“Goyal said.
The countries of the Nordic region include Denmark, Norway, Sweden, Finland and Iceland, the Faroe Islands and Greenland, while the Baltic states include Estonia, Latvia and Lithuania.
India and the EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – are negotiating a Trade and Economic Partnership Agreement (TEPA) with the aim of boosting economic ties between the two regions.
Negotiations on the agreement were officially launched in January 2008. A total of 13 rounds of talks were held until autumn 2013 before the talks were halted.
Since talks resumed in October 2016, several rounds of talks have taken place.
Similarly, negotiations on a trade agreement between India and the European Union officially began in January 2008, but talks were halted in 2013 and resumed in June 2022.
Goyal said the Nordic and Baltic countries can act as India’s ambassadors to the EU and EFTA to help them understand some of the key and significant differences between the two sets of interconnected regions.
“Until this is understood by the EU and EFTA member states, it will be very difficult to consider a truly high-quality but also fair, balanced and equitable arrangement between them,” he said.
Explaining further, the Minister said that India has to focus on the needs of its 1.4 billion population, their future, jobs, work opportunities and better quality of life.
“Our per capita income base is about US$2,500 lower compared to your smaller populated countries and countries with per capita income of US$60,000-70,000,” Goyal said.
Citing the example of Norway, Goyal said Norway has around 6,000 fishermen, while India has around 4 million fishermen, who are small and marginalised.
The amount of investment in subsidizing Norway’s fishermen is many times that of India.
He said Indian fishermen are engaged in basic fishing near the coasts compared to developed countries where fishermen go deep into the sea to catch fish.
“It’s not a level playing field,” he said, adding that “when you’re starting from two different levels” there should be ample opportunity for free trade to catch up.
Furthermore, he said that the Nordic-Baltic region has come closer to India in recent years and Indian cuisine, Bollywood, yoga, Ayurveda and textiles are popular in that region.
Goyal said these countries have the best of innovation, green technology, AI and blockchain based transformation, supply chain logistics and fintech and these are areas where there is huge scope for cooperation with India.
He also invited Nordic-Baltic companies to exhibit, participate and collaborate in upcoming trade fairs in India.
He told the gathering that Bharattex to be held from February 26-29 will be attended by more than 3,500 exhibitors from about 40 countries.
The Bharat Mobility Show will commence from February 1-3 and will showcase the auto fair with the electric component as a key feature.
(TagstoTranslate)Trade agreements(T)Stock names(T)Free trade(T)European Union(T)Commerce and industry(T)Clean energy