Landmark Trade Deal between India and EFTA
Switzerland has completed the ratification of a significant trade deal between India and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland. This deal aims to reduce trade barriers and enhance Swiss exports to India.
Key Highlights of the Trade and Economic Partnership Agreement (TEPA)
- The TEPA is expected to be effective in October.
- EFTA states plan to invest $100 billion in India over the next 15 years.
Benefits and Economic Impact
- Long-term cooperation between the countries is expected.
- Reduced tariffs and streamlined customs procedures.
- Enhanced intellectual property protections.
- Framework for sustainable trade practices.
- EFTA states will create one million jobs in India.
Switzerland's Role and Investments
- Switzerland is currently the 12th-largest investor in India.
- Swiss investments in India have grown from CHF 551 million in 2000 to CHF 10 billion in 2024.
- The Swiss government's priority is to implement the TEPA effectively for Swiss companies interested in India.
Implementation and Future Outlook
- The agreement will be effective from October, with some products experiencing a progressive dismantling period over 10 years.
