India-EFTA Trade Boost: A New Era of Economic Partnership
India's free trade agreement with EFTA, effective now, brings a USD 100 billion investment over 15 years. It reduces tariffs on key products like Swiss watches. The pact fosters economic ties, offers market access, and promises significant job creation in India. A first in India's trade agreements.
- Country:
- India
The landmark free trade agreement between India and the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland, is now official. India anticipates a massive USD 100 billion investment over 15 years, drawing a transformative trajectory for trade and economic relations.
Commerce and Industry Minister Piyush Goyal highlighted this as a historic moment, emphasizing that the India-EFTA Trade and Economic Partnership Agreement (TEPA) will open new doors for trade, investment, and employment opportunities. The agreement is set to enhance market accessibility, streamline customs processes, and bolster economic growth.
India will phase out customs duties on Swiss goods and receive substantial commitments in trade sub-sectors from EFTA states. The arrangement represents a strategic economic alignment, with the potential to create a million direct jobs in India and deepen European connections, excluding sectors like dairy and coal.
(With inputs from agencies.)
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