India, EFTA Trade Pact Set for October 1 Rollout: Piyush Goyal

IO_AdminAfricaYesterday7 Views

Quick Summary:

  • India and the European Free Trade association (EFTA) will implement the Free trade Agreement from October 1, 2025.
  • The agreement is called the Trade and Economic Partnership Agreement (TEPA),signed on march 10,2024.
  • EFTA comprises Iceland,Liechtenstein,Norway,and Switzerland.
  • EFTA pledged $100 billion in investments over 15 years: $50 billion within the first decade and another $50 billion in five years thereafter-a commitment expected to create one million direct jobs in India.
  • India will open its markets for Swiss watches, chocolates, diamonds, biscuits, clocks, and other high-quality products at reduced or zero duties phased over ten years.
  • In services trade:

– India offered commitments in 105 sub-sectors to EFTA nations such as accounting and health services.
– Indian exporters gained service access across multiple sub-sectors: Switzerland committed in 128 areas; Norway offered commitments for 114 sectors; Iceland for 110 sectors; Liechtenstein for 107 sectors.
– Legal services like R&D auditing will see gains on both sides.
Markets scale extensions apply overseas enabling Exports & Supply chains By Signalsquality-relatedservices added comments

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