New Delhi [India], October 7 (ANI): Around 8,000 Rules of Origin certificates were issued under the India-European Free Trade Association (EFTA) trade agreement in its first year, while exports of several products that India did not ship earlier have also begun, Commerce Secretary Rajesh Agrawal said on Wednesday.
The numbers offer an early indication of businesses beginning to use the Trade and Economic Partnership Agreement (TEPA), which has completed its first year, although Agrawal said the creation of new products and supply chains would take more time.
“The feedback from exporters has been good. In the first year, we saw around 8,000 Rules of Origin certificates issued. This means that people have taken advantage of the Free Trade Agreement,” Agrawal told reporters.
Rules of Origin certificates are used to establish that goods qualify for preferential tariff treatment under a trade agreement.
Agrawal said the first year had also seen Indian exporters begin shipping products that were not exported to the EFTA markets earlier.
“It is the first year, so it will take time for new products and new supply chains to be created. We have seen the export of many such new products start that were not exported before. So this is also a good sign that the agreement is working,” he said.
The comments came as ministers and businesses from India and the EFTA countries participated in the second India-EFTA Prosperity Summit, marking one year of the trade pact.
Union Minister Ashwini Vaishnaw said discussions over the past two days had focused on deeper business and technology partnerships, with European companies increasingly looking at India as a manufacturing and innovation base.
“European countries today view India as a major hub for innovation and manufacturing. Multiple partnerships are being formed with India, facilitating technology exchange, co-development, and joint further development of technology,” Vaishnaw told reporters.
He said companies coming to India were establishing production, manufacturing, design and research bases, while closer links between Indian MSMEs and businesses from EFTA countries could create further opportunities.
The Commerce Ministry is also stepping up efforts to improve the utilisation of India’s expanding network of free trade agreements.
Agrawal said the government would hold discussions with entrepreneurs and state governments across state capitals in October on FTAs that have been operationalised or are about to come into force. District-level workshops will follow during the current financial year.
“This is to take this message to all entrepreneurs, create opportunities for them, and set up a cell to help them,” he said.
The FTA Utilisation Cell will also provide entrepreneurs with information and data to help them assess opportunities available under the agreements, Agrawal added. (ANI)
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