India-EFTA trade pact to be implemented from Oct 1: Goyal
The free trade agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on Saturday.The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.
Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties."India-EFTA TEPA to come into effect from 1st October," Goyal said in a post on X.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The bloc has committed an investment of USD 100 billion -- USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years -- which would facilitate the creation of 1 million direct jobs in India.This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far.The commitment is the key substance of the agreement, which took almost 16 years to conclude, for India in return for opening its markets for several products coming from the EFTA nations.The biggest trading partner of India in the bloc is Switzerland.India has low trade volumes with the remaining three countries.
In the pact, India is offering 82.7 per cent of its tariff lines or product categories, which cover 95.3 per cent of EFTA exports, of which more than 80 per cent of imports are gold. Domestic customers will get access to high-quality Swiss products, such as watches, chocolates, biscuits, and clocks, at lower prices as India will phase out customs duties under the trade pact on these goods over 10 years.In the services sector, the commerce ministry has earlier stated that India has offered 105 sub-sectors to the EFTA, like accounting, business services, computer services, distribution and health.On the other hand, the country has secured commitments in 128 sub-sectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from Iceland.Segments, where Indian services will get a boost, include legal, audio-visual, R&D, computer, accounting, and auditing.Further, the pact would provide an opportunity for domestic exporters to integrate into the EU (European Union) markets. Over 40 per cent of Switzerland's global services exports are to the EU. Indian companies can look to Switzerland as a base for extending their market reach to the EU.
India-EFTA two-way trade was USD 24.4 billion in 2024-25.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scroll.in
14 minutes ago
- Scroll.in
Civil society group submits memorandum to Vatican on ‘targeted violence' against Christians in India
Civil society group United Christian Forum has submitted a memorandum to the Vatican about the increase in 'targeted violence and hostility' against Christians in India, The Hindu reported on Saturday. The memorandum was handed over to Archbishop Paul Richard Gallagher, foreign minister of the Vatican, on Thursday during his week-long visit to the country to meet Indian officials and church functionaries. It urged Gallagher to talk about attacks on Christians while meeting Indian officials. On Thursday, the archbishop held a meeting with India's External Affairs Minister S Jaishankar. After the meeting, Jaishankar on social media said that he was pleased to meet the archbishop, adding that the two leaders had a 'good conversation about the importance of faith, and the need for dialogue and diplomacy to address conflicts'. Pleased to meet Archbishop Paul Richard Gallagher, Secretary for Relations with States and International Organizations of the Holy See. A good conversation about the importance of faith, and the need for dialogue and diplomacy to address conflicts. 🇮🇳 🇻🇦 — Dr. S. Jaishankar (@DrSJaishankar) July 17, 2025 The visit comes months after the United Christian Forum released a report on January 10, which said that the number of attacks against Christians had increased from 127 in 2014 to 834 in 2024. In its memorandum submitted to Gallagher, the civil society group referred to the report on the rise in 'incidents of violence and hostility towards Christians', adding that the 'primary reason for these attacks has been false allegations of fraudulent conversions', The Hindu reported. Uttar Pradesh and Chhattisgarh were the top two states where such allegations had led to 'either attacks on people at prayer or their illegal arrest by the police', the civil society group said citing its report. 'A large number of Catholic priests and nuns faced arrests, attacks, and legal actions in northern India,' the memorandum added, according to The Hindu. 'It is an alarming situation for missionaries.' Jose Vallikkatt, a Catholic priest based in Punjab's Bathinda city, told the newspaper that while the 'physical and mental torture is abominable, what is more alarming is the denial of religious rights of Christians. That's a constitutional violation'.
The Hindu
14 minutes ago
- The Hindu
Tipra Motha Party says ECI has invited a delegation on July 23 to discuss concerns about Tripura voter roll
The Election Commission of India (ECI) has invited a delegation of Tipra Motha Party (TMP) for a meeting on July 23 to discuss the concerns raised by the party about possible enrolment of illegal immigrants in Tripura's voter roll, TMP supremo Pradyot Manikya Debbarma said. The meeting has been called following a request from the TMP, a constituent of the BJP-led coalition government in Tripura. Mr. Debbarma in a social media post said, 'After we raised our concerns about possible enrolment of illegal immigrants in Tripura's voter roll and demanded a Bihar - like Special Intensive Revision (SIR), the Election Commission of India has called us for a meeting on July 23 to discuss these issues.' "My only answer to all those who continue to criticise us - at least we are trying to protect our next generation and looking beyond party politics, this is not just a fight of Tipra Motha Party but every Indian. Please rise above party politics and unite against illegal migration," he said. The nine-member TMP delegation, headed by Mr. Debbarma, will raise several key issues related to the electoral process in the northeastern state, said a party press release. After continuous uproar and media attention from all of us from Tipra Motha The Election commission of India has invited us to discuss the matter of illegal migration from Bangladesh to India on the 23rd of July . My only answer to all those who continue to criticise us - at… — Pradyot_Tripura (@PradyotManikya) July 19, 2025 It added, "A major demand will be for a Special Intensive Revision (SIR) of the electoral roll in Tripura, similar to the process recently carried out in Bihar."
&w=3840&q=100)
Business Standard
14 minutes ago
- Business Standard
Gold may trade in tight range ahead of US data, Fed cues: Analysts
Gold prices are likely to remain range-bound in the coming week as investors await clarity on global trade negotiations, upcoming US macroeconomic data and signals from the Federal Reserve, analysts said. Traders will closely watch Fed Chair Jerome Powell's speech and global PMI data from major economies, including the US, UK and Eurozone. The European Central Bank's interest rate decision will also be closely tracked for cues on the bullion price trajectory, they said. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, said that in the week ahead, focus will remain on the trade negotiation outcome, Fed official speeches, US macro data, including housing market, weekly initial claims, and durable goods orders. "Gold prices are seen consolidating in a range over the past couple of weeks amid a lack of fresh triggers and recovery in the US Dollar in the given period," Mer said, adding that downside in bullion looks limited as focus remains on the trade negotiations between the US and its trading partners, such as India and China. With the August 1 deadline coming closer, uncertainty around trade talks is likely to support gold's safe-haven demand. Meanwhile, domestic festive demand from August to October is expected to further aid prices, he said. Last week, the precious metal futures for August delivery rose Rs 200 or 0.2 per cent on the Multi Commodity Exchange. Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, said gold has rallied by about 2 per cent over the past 10 days in the overseas markets, moving to around USD 3,350 per ounce. "The positive momentum in gold has been driven by the US President's tariff actions on BRICS nations and possible duties on the EU, increasing investor demand for safe-haven assets," he said. Jateen Trivedi, Analyst at LKP Securities, said, "US Dollar's strength last week kept gains in gold limited, rupee weakness is likely to cushion downside pressure in the domestic markets. Overall, gold is likely to remain volatile in the near term". According to NS Ramaswamy, Head of Commodity & CRM at Ventura, "If the proper catalysts, such as weaker US dollar, geopolitical risks, robust investor demand, continued central bank purchases materialise, gold could gain another 4-8 per cent in the second half after a strong 26 per cent rise in the first half of 2025". Last week, silver futures for September delivery hit a record high of Rs 1,15,136 per kilogram on the MCX. "Silver is maturing from the 'poor man's gold' to a strategic metal for smart investors. With supply deficits in the world deepening and demand from EVs, solar, and electronics increasing, fundamentals are in place for a major rally. "The gold-to-silver ratio of around 90X indicates space for dramatic catch-up. A weakening dollar, persistent inflation, and surging ETF flows are supporting silver's attractiveness," Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital Prabhudas Lilladher, said.
