A trade agreement between India and the four-nation European Free Trade Association (EFTA) is set to come into force in October 2025. This significant development was confirmed by an official statement.
Key Highlights of the Agreement:
- Potential Economic Impact: The deal is anticipated to be instrumental in:
- Attracting $100 billion in foreign direct investment (FDI) to India over 15 years.
- Creating one million jobs in India.
- EFTA Countries: EFTA is comprised of:
- Iceland
- Switzerland
- Norway
- Liechtenstein
- Market Access for EFTA: EFTA countries will gain duty-free market access in India for various products, including:
- Swiss watches
- Chocolates
- Other products
- Agreement Details: The Trade and Economic Partnership Agreement (TEPA) was originally signed in March of the previous year.
- Implementation Delay: The implementation of the deal was delayed due to procedural formalities within the four EFTA nations.
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