Piyush Goyal to visit Switzerland to take forward EFTA commitments
Goyal Wednesday said the four-member European nation bloc European Free Trade Association (EFTA) is keen to invest in India and the domestic industry should take advantage of that opportunity. Goyal, who is visiting Switzerland on Sunday to take forward the EFTA commitments, said that this $100 billion commitment is for foreign direct investments and not portfolio investments.
Iceland, Liechtenstein, Norway, and Switzerland comprise the EFTA.
In March, India and EFTA signed a free trade agreement under which New Delhi received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.
“I (India) can withdraw concessions given in the FTA if they (EFTA) do not fulfil the (investment) commitments,” Goyal said at the FICCI National Executive Committee Meeting.
“The excitement that I am finding in Iceland, Liechtenstein, Norway, and Switzerland makes me believe that we could actually exceed that (commitment) if we all are more forthcoming. They will look for Indian partners and investors,” he said.
On the sidelines of the event, he said the initial comments made by the UK government are very encouraging and the Labour Party is deeply committed as is the Modi government.
Emphasising that a new government has just been formed in the UK, Goyal said: “The initial comments made by the UK government are very encouraging....my counterpart had a meeting when he was a shadow trade minster”.
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