EFTA Trade Pact Axes Tariffs Boosting Indo-European Trade
The Trade and Economic Partnership Agreement between India and the EFTA countries—Switzerland, Iceland, Liechtenstein, and Norway—reduces tariffs to zero on a wide range of products, facilitating cheaper Swiss imports into India and expanding Indian export opportunities in Europe.
- Country:
- India
The newly signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to come into effect. This deal, involving Iceland, Liechtenstein, Norway, and Switzerland, marks a significant milestone in tariff reduction, potentially impacting a vast array of industries.
Under this agreement, Indian consumers can expect to enjoy reduced prices on Swiss imports, including premium items like wines, chocolates, and watches. Conversely, India's labor-intensive sectors such as textiles, leather, and agricultural goods like tea and coffee will gain increased market access across EFTA countries, thus boosting export potential.
The comprehensive pact covers 92.2% of tariff lines related to Indian exports, highlighting opportunities for electronic items and engineering goods. Meanwhile, protections remain for India's sensitive sectors, ensuring a balanced approach to trade liberalization.
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