India and four-nation European Free Trade Association (EFTA) is expected to conclude this year, Commerce and Industry Minister, Anand Sharma said in Switzerland on Friday.

After inaugurating the Indian pavilion at the world's most coveted watch and jewellery show 'Basel World 2011', Sharma told media that the seven rounds of negotiations have already been completed. EFTA states include Iceland, Liechtenstein and Norway, besides Switzerland.

The minister said, “It is an inter-governmental organisation that promotes free trade and economic integration between the four nations.”

"We are in the advance stage to conclude the free trade agreement. We are fast tracking the negotiations with EFTA... I hope that within a month's time, both the sides will be in a position to make specific offers," he added.

On March 25th, Anand Sharma met Swiss Minister of Economy, Johann Schneider Ammann, in Berne. Both Ministers discussed a range of issues including quality market access for Indian pharmaceuticals, Doha Round, and progress of the India-EFTA BTIA negotiations.

Sharma said that India would embrace entire Europe through the comprehensive free trade agreement. India is also deeply engaged with the 27-nation European Union for a bilateral trade and investment agreement.

The minister said that the progress of India EFTA free trade pact would be figured during his bilateral meeting with Switzerland`s Economic Minister, Johann Schneider-Ammann in Bern today.

The EFTA members are not part of 27-nation European Union.

In the seventh round of talk, which was held last month in New Delhi, both the sides discussed about market access for industrial products, fish and agricultural goods, sanitary and phytosanitary measures, technical barriers to trade, customs procedures and trade facilitation, investment, intellectual property rights and dispute settlement.

India and EFTA had agreed to launch negotiations on the trade and investment agreement in January this year, following recommendations of a Joint EFTA-India Study Group set up in December 2006.

"When the FTA is concluded, we hope that there will be a significant rise in bilateral trade," Sharma said.

The trade between Switzerland and India stood at USD 18 billion in 2010 up from USD 15 billion last year.

Swiss exports to India include machines, pharmaceutical and chemical products as well as precision instruments, while imports from India include textiles, agricultural products and components for the airline industry.

Sharma later reiterated role of Indian generics in providing good quality but affordable medical care to Asian, South American and African societies.  Later Sharma also held bilateral talks with Swiss Home Minister, Federal Councillor Mr. Didier Burkhalter, where both Ministers resolved to consolidate the existing bilateral engagement between India and Switzerland.

The India Show is coordinated by the Gem and Jewellery Export Promotion Council and has a participation of over 60 companies showcasing Indian design and craftsmanship in Switzerland. After the recent inauguration of the Bharat Diamond Bourse in Mumbai, by Shri Sharma, India now boasts of state-of-the-art infrastructure in diamond trading and is acknowledged world leader in the diamond cutting and polishing sector.

Sharma was felicitated by the Basel Cantonal Government for his outstanding contribution and dynamism in governance.