India-EFTA Trade Deal: A Leap Towards Economic Partnership

The trade agreement between India and the European bloc EFTA is rapidly progressing and is expected to be implemented by the end of 2024. The TEPA, signed in March 2024, secures USD 100 billion investment over 15 years and enables duty-free access to several European products.

The trade agreement between India and the four-member European Free Trade Association (EFTA), consisting of Iceland, Liechtenstein, Norway, and Switzerland, is making swift progress, according to Commerce and Industry Minister Piyush Goyal. Expected to take effect by the end of this year, the Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024, and promises significant economic benefits for both sides.

Under this comprehensive deal, India anticipates an investment influx of USD 100 billion in the next 15 years while allowing duty concessions on products like Swiss watches and chocolates. The agreement, which took 16 years to finalize, is hailed as a crucial milestone, fostering economic exchange and employment opportunities.

Goyal highlighted the successful progression of the pact's approval process within Switzerland, emphasizing the political support it has garnered. Meanwhile, India is steadfast in ensuring that any international agreements remain equitable and aligned with national interests. Talks with the UK and EU are also ongoing to further India's economic engagements globally.

(With inputs from agencies.)