India-EFTA free trade pact to bring stability and $100 bn investment boost: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said the free trade agreement (FTA) between India and the four-member European Free Trade Association (EFTA) will foster stability, predictability, and long-term continuity for businesses across both regions, PTI reported.
Speaking to business representatives from India and EFTA countries, Goyal highlighted that the agreement would combine India's large market and skilled workforce with Switzerland’s strengths in advanced manufacturing.
The Trade and Economic Partnership Agreement (TEPA) between India and EFTA — comprising Iceland, Liechtenstein, Norway, and Switzerland — was signed on March 10, 2024. Under the pact, EFTA has pledged to invest $100 billion in India over 15 years.
In return, India has agreed to lower or eliminate duties on key EFTA exports, including Swiss watches, chocolates, and cut and polished diamonds.
"The agreement will give stability, predictability and continuity in the partnership," Goyal remarked during the event.
The FTA is expected to come into force in October this year. Goyal confirmed that India has completed the ratification process for the pact.
He encouraged businesses on both sides to fully leverage the agreement to enhance trade and investment flows, and also proposed establishing a reciprocal mechanism for providing certification services between India and EFTA nations.
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