On Wednesday, Piyush Goyal, the Minister of Commerce and Industry, expressed confidence that the proposed free trade agreements with the European Union (EU) and the European Free Trade Association (EFTA) are achievable. However, he emphasized the need for the EU and EFTA countries to consider India’s concerns, given the different levels of economic development. Speaking at the India-Nordic Baltic Business Conclave organized by CII, Goyal stressed the importance of understanding the “very important and significant” differences between the regions.
Negotiations for the Trade and Economic Partnership Agreement (TEPA) between India and the EFTA states (Iceland, Liechtenstein, Norway, and Switzerland) began in 2008 and were put on hold in 2013. Talks resumed in 2016. Similarly, negotiations for a trade agreement with the EU started in 2008 but were halted in 2013. However, discussions recommenced in June 2022.
Goyal urged the Nordic and Baltic nations, including Denmark, Norway, Sweden, Finland, and the Baltic states (Estonia, Latvia, and Lithuania), to act as India’s advocates within the EU and EFTA. He highlighted the substantial differences in population and per capita income between India and these regions. Goyal cited the example of Norway, where India has about 4 million small and marginalized fishermen compared to Norway’s 6,000. He emphasized that free trade arrangements should acknowledge this inequality and provide opportunities for countries with varying economic bases.
Goyal also praised the close cultural ties between India and the Nordic-Baltic region, noting the popularity of Indian cuisine, Bollywood, yoga, ayurveda, and textiles. He highlighted the potential for collaboration in innovation, green technology, artificial intelligence, blockchain, supply chain logistics, and fintech.
Furthermore, Goyal invited Nordic-Baltic companies, such as BharatTex, to participate and showcase their offerings at upcoming trade fairs in India, featuring over 3,500 exhibitors from approximately 40 countries.
The Minister also announced the Bharat Mobility Show, scheduled for February 1-3, highlighting the auto fair and including electrical components as a critical feature.
