Historic Trade Pact Revolutionizes Economic Ties Between India and EFTA Nations

The recently implemented Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) marks a transformative era in economic relations. Expected to significantly cut tariffs, the pact aims to boost trade and investment, fostering stronger ties despite global trade disruptions.

The historic Trade and Economic Partnership Agreement (TEPA), signed between India and the European Free Trade Association, is set to revolutionize economic relations. Encompassing Switzerland, Norway, Iceland, and Liechtenstein, the deal comes amidst ongoing global trade tensions sparked by U.S. tariff policies.

State Secretary Helene Budliger expressed optimism, highlighting the pact's 16-year negotiation journey. Its implementation is expected to cut tariffs on over 92% of Indian goods while facilitating USD 100 billion in investments over 15 years, across sectors like technology, manufacturing, and textiles, enhancing two-way trade engagement.

Despite strained U.S.-India relations, the trade pact signifies a longstanding partnership, underscored by robust interest from the Swiss private sector. Commerce Minister Piyush Goyal's ambitious '30-30-30' vision frames India's economic growth trajectory, further encouraging a strengthened bilateral investment framework and deeper India-Switzerland collaborations.

(With inputs from agencies.)