India-EFTA Trade Deal: A Step Towards Economic Evolution

Commerce Minister Piyush Goyal announced on Wednesday that the Swiss segment of the EFTA agreement is expected to be operational from October 2025. While Switzerland is yet to ratify, Iceland, Liechtenstein, and Norway have already formalized the deal. Goyal shared these updates during his visit to Switzerland.

Addressing over 1,000 Swiss business representatives alongside Swiss Federal Councillor Guy Parmelin, Goyal emphasized India's substantial progress over the past decade in technology and innovation. He urged Swiss businesses to take advantage of India's skilled workforce and favorable business environment for significant growth and investment opportunities.

Goyal noted that the EFTA-India negotiations, initiated in 2008, achieved a breakthrough with an agreement finalized in March 2024. He highlighted potential investment areas like space technology, precision engineering, and pharmaceuticals. Meanwhile, he remains optimistic about trade talks with the EU, Oman, and New Zealand, while acknowledging logistical challenges.

(With inputs from agencies.)