EFTA's USD 100 Billion Boost to India's Key Sectors
EFTA's trade pact with India will inject USD 100 billion over 15 years into vital sectors such as infrastructure, manufacturing, and pharma. The agreement, effective from October 1, lowers duties on several products, including Swiss watches. Investment facilitation mechanisms are established to streamline EFTA-linked inflows.
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The European Free Trade Association (EFTA) is set to invest a significant USD 100 billion under a new trade pact with India, impacting sectors like infrastructure, manufacturing, and pharma. This commitment was highlighted in a parliamentary briefing this week.
India formalized its trade agreement with EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, on March 10, 2024; the deal takes effect on October 1. The pact includes reduced or zero duties on products like Swiss watches and cut diamonds, alongside a 15-year investment commitment.
Commerce Minister Piyush Goyal emphasized that this agreement would benefit sectors such as pharmaceuticals, renewable energy, and financial services. Meanwhile, the US has introduced additional tariffs on automobiles and seafood, affecting Indian exports.
(With inputs from agencies.)
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