India and EFTA Trade Pact Under Ratification After Major Agreement

The Indian government has announced the ratification process of the free trade agreement signed with the EFTA bloc. The pact promises significant investment and reduced duties on several products. Although trade continues to grow, the trade gap remains in favor of EFTA countries.

The Indian government announced on Friday that the ratification process for the Free Trade Agreement with EFTA, signed in March, is underway in the respective countries.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada stated that the timeline for ratification varies among the EFTA nations, which include Iceland, Liechtenstein, Norway, and Switzerland.

The Trade and Economic Partnership Agreement (TEPA) signed in March paves the way for substantial investment into India over the next 15 years, while reducing or eliminating duties on products like Swiss watches and chocolates.

(With inputs from agencies.)