EFTA looking at reduction in trade barriers on pharma, Swiss chocolate, fish in proposed pact with India

Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish in the proposed free trade agreement with India.

Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish in the proposed free trade agreement with India, a Swiss minister said.

Swiss State Secretary for Economic Affairs Helene Budliger Artieda also said that with India, the EFTA grouping is aiming for an ambitious and comprehensive agreement in trade in goods, services and protection of intellectual property rights (IPRs).

India and European Free Trade Association (EFTA) states – Iceland, Liechtenstein, Norway, and Switzerland - are negotiating a Trade and Economic Partnership Agreement (TEPA) with a view to boosting economic ties between the two regions.

Negotiations on the agreement were officially launched in January 2008. 13 rounds of negotiations were held until autumn 2013 before the talks were put on hold. After talks were resumed in October 2016, a number of rounds have taken place.

“Regarding trade in goods, India applies high tariffs on many of the EFTA countries' exports. We obviously look for a substantial reduction of trade barriers, particularly for such high-value-added products as machine tools, advanced chemicals and pharmaceuticals, Swiss chocolate, Norwegian and Icelandic fish, and so on. This is our main focus,” Artieda told PTI in an e-mailed interview.

EFTA has 29 free trade agreements (FTAs) with 40 partner countries including Canada, Chile, China, Mexico, and Korea.

Replying to a question whether Switzerland is seeking zero import duty on gold from India under TEPA, she said, “We understand that gold is a very sensitive topic for our Indian colleagues and the ultimate goal of each negotiation is to find a good balance respecting the key interests and sensitivities of both sides”.