EFTA - India Talks in New Delhi
Delegations agreed to expedite the work of the JSG with of aim of sending a joint report to Ministers in November 2007. The JSG will meet in Switzerland in June and in New Delhi in September in order to draft and agree on a final text.
The EFTA constitutes 0,2% of the world’s population but its share in the world’s GDP amounts to 2%. In 2006, the combined GDP of the four EFTA countries, Iceland, Liechtenstein, Norway and Switzerland, amounted to US$ 719 billion. The value of total EFTA-India merchandise trade amounted to US$ 2.6 billion in 2006, up by 24% from 2005. Machinery and mechanical appliances constituted the EFTA´s largest export item, followed by pharmaceutical products, precious stones, ships, fats and oils, and optical, medical and surgical instruments. Among the largest import item from India to EFTA were organic chemicals, precious stones and metals, knitted apparel, woven apparel, and various textile articles. The EFTA-India trade in services, as well as investment flows, is substantial and has been growing rapidly in recent years.