The pact, called Trade and Economic Partnership Agreement (TEPA), is likely to be inked on Sunday, said sources. Iceland, Liechtenstein, Norway, and Switzerland comprise the EFTA, and these are not part of the EU with which India is separately negotiating a trade pact.
The agreement has several chapters, including trade in goods, rules of origin, intellectual property rights, trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. New Delhi has sought $100 billion of committed investments from the grouping and is considering giving quota-based duty concessions on gold imports from Switzerland.
Nod to NE industrial package
The Union Cabinet approved a Rs 10,037-crore new industrial development scheme called Uttar Poorva Transformative Industrialization (UNNATI) scheme, for northeast states to generate gainful employment and for the regions’s overall socio-economic development.
Under the scheme, incentives would be provided to investors for setting up new units or undertaking significant expansion of the existing units.
The scheme will be effective from the date of notification and up to March 31, 2034, along with eight years of committed liabilities.
As per a government statement, eligible industrial units will be able to commence their production or operation within four years from the grant of registration. The scheme envisages approximatelyRs 2,180 applications.
Districts have been categorized into Zone A (Industrially Advanced Districts) & Zone B (Industrially Backward Districts) . 60% of the outlay of Part A has been earmarked for the eight northeastern states and the remaining 40% would be allocated on a First-In-First-Out basis.
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