Historic Trade Deal Spurs India-EFTA Economic Boom

The free trade agreement between India and the European Free Trade Association (EFTA) marks a significant moment in boosting economic ties. Under the Trade and Economic Partnership Agreement, EFTA members, including Switzerland, commit to a substantial investment in India. The deal was 16 years in the making.

The landmark free trade agreement between India and the European Free Trade Association (EFTA) is set to revolutionize economic relationships by eliminating tariffs on a majority of Indian goods. Switzerland, along with Norway, Iceland, and Liechtenstein, aims for a collective investment of USD 100 billion in India over the next 15 years.

Swiss State Secretary for Economic Affairs, Helene Budliger, emphasized the strategic timing of the agreement amid global trade turmoil influenced by US tariffs. This long-negotiated pact, finalized after 16 years, is seen not as a reaction to recent events but as a testament to deep-rooted ties.

India, an emerging economic powerhouse, attracts substantial interest from EFTA nations, evident in ongoing collaborative efforts in technology, manufacturing, and more. The agreement is poised to significantly boost bilateral trade with India, currently EFTA's fifth-largest trading partner.

(With inputs from agencies.)