“A win-win state of affairs for all nations”: PM Modi after India inks free commerce pact with European bloc

New Delhi, Mar 10: Prime Minister Narendra Modi on Sunday congratulated the negotiators and signatories on the signing of the Commerce and Financial Participation Settlement (TEPA) between India and the European Free Commerce Affiliation (EFTA), saying that regardless of structural diversities in lots of points, “our economies possess complementarities that promise to be a win-win state of affairs for all nations”.

India signed the Free Commerce Settlement with the four-nation EFTA bloc on Sunday.

Union Commerce Minister Piyush Goyal co-chaired the assembly on the India-EFTA commerce settlement within the nationwide capital on Sunday.

PM Modi, in a letter, stated March 10, 2024, marks a brand new flip and a watershed second within the bilateral relationship between India and the EFTA nations of Switzerland, Norway, Iceland and Liechtenstein.

“Heartiest congratulations and greatest needs to the negotiators and signatories concerned within the signing of the India-EFTA Commerce and Financial Participation Settlement (TEPA),” he wrote.

PM Modi additionally recommended the end result of efforts to finalise an progressive, well-balanced commerce deal that displays our respective developmental aspirations.

Calling it probably the most pioneering free commerce agreements ever concluded between our nations, PM Modi wrote, “TEPA emphasises our steadfast dedication to shared prosperity and our drive to domesticate a stronger, extra inclusive partnership between India and EFTA, furthering the aspirations of our individuals.”

“Regardless of structural diversities in lots of points, our economies possess complementarities that promise to be a win-win state of affairs for all nations,” he added.

Additional, in his congratulatory letter, PM Modi added that with the opening up of monumental buying and selling and funding alternatives, India has reached a brand new degree of belief and ambition.

“The commerce settlement symbolizes our shared dedication to open, truthful, and equitable commerce, in addition to producing development and employment for the youth,” PM Modi added.

He famous that within the final 10 years, India’s economic system has taken a quantum leap, shifting from being the world’s Eleventh-largest economic system to the Fifth-largest.

Detailing his ‘subsequent purpose’, PM Modi stated, “Our subsequent purpose is to make India’s economic system the third largest economic system on the earth.”

“We’ve got enhanced the convenience of doing enterprise, via wide-ranging reforms, which has helped our nation contact new heights in enterprise, manufacturing and exports,” PM Modi acknowledged, including, “The worldwide management of EFTA nations in innovation and R&D throughout numerous spheres equivalent to digital commerce, banking and monetary companies, transport and logistics, industrial equipment, bio-technology, prescription drugs, chemical substances, meals processing and clear power, will open up new doorways of collaboration.”

He assured that India will lengthen assist to EFTA nations and facilitate trade and companies.

“India will lengthen all doable assist to EFTA nations and facilitate trade and companies, not solely to attain the dedicated targets, but in addition to transcend them,” he stated, including, “Might this settlement mark the start of a brand new chapter within the journey of our nations towards a extra affluent future for us all.”