New Era of Trade: India-EFTA FTA Set to Transform Commerce
The Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland, promises stability and continuity for regional businesses. With India's vast market and Switzerland's manufacturing capabilities, the agreement includes a $100 billion investment and reduced tariffs on key imports.
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The Free Trade Agreement (FTA) between India and the four-nation European bloc EFTA is poised to provide a new level of stability and continuity to businesses on both sides. According to India's Commerce and Industry Minister Piyush Goyal, this agreement symbolizes a significant step towards a more predictable trading environment.
Set to be operational by October, the Trade and Economic Partnership Agreement (TEPA) promises an investment commitment of $100 billion from EFTA over 15 years. This includes reduced duties or zero tariffs on a range of Swiss products, marking a transformative period for bilateral trade.
Goyal encouraged businesses to leverage this opportunity, emphasizing the mutually beneficial prospects of this partnership. He highlighted India's role as a vast market supported by skilled professionals while commenting on Switzerland's prowess in manufacturing, aiming to fortify economic ties further.
(With inputs from agencies.)
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