Switzerland and India's Landmark Trade Pact: A New Era of Economic Cooperation
Switzerland has ratified a major trade deal with the European Free Trade Association and India, reducing trade barriers and enhancing market access. The Trade and Economic Partnership Agreement will come into force in October, initiating significant investments and job creation in India over the next 15 years.
- Country:
- India
In a significant development, Switzerland has completed the ratification process of a landmark trade deal with India and the European Free Trade Association (EFTA). The agreement aims to reduce trade barriers, offering a substantial opening for Swiss exports into the Indian market.
Swiss Ambassador to India, Maya Tissafi, termed this ratification as a notable milestone in bilateral relations. The Trade and Economic Partnership Agreement (TEPA) is expected to be enacted in October, enabling EFTA states to invest USD 100 billion in India and generate one million jobs over 15 years.
This major step forward in Swiss-Indian ties not only paves the way for enhanced trade relations but also emphasizes sustainable trade practices and intellectual property protections. The initiative also marks the launch of the Swiss-Indian Innovation Platform in Bengaluru, aiming to foster innovation partnerships between the two nations.
(With inputs from agencies.)
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