India-EFTA Trade Agreement: A New Era of Economic Partnership
The India-EFTA Trade and Economic Partnership Agreement, effective October 1, will enable India to receive a USD 100 billion investment from the EFTA bloc over 15 years. This historic pact lowers or eliminates tariffs on key EFTA products like Swiss watches and chocolates, boosting bilateral trade and job creation.
- Country:
- India
India is set to implement a landmark free trade agreement with the European bloc EFTA from October 1, Commerce and Industry Minister Piyush Goyal announced on Saturday. This agreement is poised to bring significant benefits for India, with a USD 100 billion investment commitment in the next 15 years.
Signed on March 10, 2024, the Trade and Economic Partnership Agreement (TEPA) allows India to open its markets to EFTA products such as Swiss watches and chocolates at reduced or zero duties. In return, EFTA members, including Switzerland, Iceland, Liechtenstein, and Norway, are expected to support India's job market with one million new positions.
This unprecedented pact opens the floor for Indian services in sectors like legal, R&D, and computer services, while also providing Indian companies a strategic base in Switzerland to access the broader European Union markets. As India's trade landscape evolves, maintaining resilient supply chains remains a priority, highlighted by past challenges from the COVID-19 pandemic.
(With inputs from agencies.)
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