Historic Trade Agreement Between India and EFTA to Commence October 1

Commerce and Industry Minister Piyush Goyal announced on Saturday that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will be implemented starting October 1, 2024. This landmark agreement, signed on March 10, 2024, marks a significant milestone in trade relations between India and the EFTA members—Iceland, Liechtenstein, Norway, and Switzerland.

Investment and Trade Benefits Under the New Pact

Under the TEPA, India has secured an investment commitment of USD 100 billion over the next 15 years from the EFTA bloc. In return, India will offer reduced or zero duties on a range of products, including Swiss watches, chocolates, and cut and polished diamonds, enhancing trade flows between the regions.

Minister Goyal's Announcement on Social Media

"India-EFTA TEPA to come into effect from 1st Oct," Goyal shared on X, highlighting the government's commitment to fostering international trade and investment opportunities for India.