India, European FTA pact by year-end: Sharma

Sharma said both the sides have completed seven round of negotiations. EFTA states include Switzerland, Iceland, Liechtenstein and Norway.

EFTA is an inter-governmental organisation that promotes free trade and economic integration between the four nations. It is not part of the 27-nation European Union.
“In Bern, we (India and Switzerland) had agreed that by end of this year, India-EFTA bilateral trade and investment agreement will be concluded,” Sharma said at a Ficci function.

Last month, Sharma met Switzerland’s Economic Minister Johann Schneider-Ammann in Bern and discussed the pact. Schneider-Ammann said the free trade would enhance economic relationship and also benefit businesses and economy of both the countries. Sharma said both the sides can cooperate in sectors like infrastructure, biotechnology, food processing,chemicals, engineering and industrial equipment, precision instruments and services. He further said India and EU would also conclude free trade pact negotiations.