Historic Trade Agreement Between India and EFTA

India has officially submitted the ratification document for the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) to Norway, marking a significant milestone in international trade relations. This move paves the way for the agreement's implementation starting October 1, 2024.

$100 Billion Investment Pledged

As part of this groundbreaking pact, the EFTA bloc, consisting of Iceland, Liechtenstein, Norway, and Switzerland, has pledged a staggering $100 billion investment in India over the next 15 years. In return, India will offer reduced or zero import duties on a variety of goods, including Swiss watches, chocolates, and cut and polished diamonds.

Strengthening Trade and Investment Ties

This agreement is set to deepen trade and investment ties between India and the non-EU European nations, representing one of India's most significant trade agreements in recent years. Commerce and Industry Minister Piyush Goyal highlighted the importance of this pact in fostering economic growth and cooperation between the involved countries.