India-EFTA Trade Pact Poised for September Launch

The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to commence from September, announced Commerce and Industry Minister Piyush Goyal on Monday.

India and the EFTA members, which include Iceland, Liechtenstein, Norway, and Switzerland, signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. This agreement is projected to bring an investment commitment of USD 100 billion to India over 15 years. The pact will also facilitate lower or zero duties on Swiss products such as watches, chocolates, and cut and polished diamonds.

Goyal, currently on an official visit to Switzerland, highlighted the approval of the agreement by all the member countries' Parliaments, with only Switzerland's objection period lasting until July 10. His visit includes bilateral engagements with several firms, keen on investing in India's sectors like pharma, cybersecurity, and machinery manufacturing.

(With inputs from agencies.)