India Seals Groundbreaking EFTA Trade Pact

Over 100 investors from the EFTA bloc and more from Israel will visit India, exploring business opportunities following a significant trade and investment agreement. The EFTA-India pact promises a USD 100 billion investment in India, focusing on job creation and reduced duties for specific goods.

In a major economic development, over 100 investors from the European Free Trade Association (EFTA) member countries, along with a substantial number from Israel, are set to visit India next week. This initiative, confirmed by Commerce and Industry Minister Piyush Goyal, aims to explore burgeoning business opportunities between India and the EFTA bloc.

The EFTA, composed of Iceland, Liechtenstein, Norway, and Switzerland, solidified a Trade and Economic Partnership Agreement (TEPA) with India on March 10, 2024. This pact signifies an unprecedented move for India, with an investment commitment of USD 100 billion over 15 years, enhancing trade in Swiss watches, chocolates, and diamonds through reduced duties.

This investment influx is poised to generate 1 million direct jobs in India, marking the first of its kind in Indian trade agreements. Despite EFTA being outside the EU, it strengthens India's global trading footprint, complementing ongoing FTA negotiations with the EU.

(With inputs from agencies.)