India-EFTA Trade Pact Likely To Be Implemented From September, Says Piyush Goyal
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India and EFTA countries - Iceland, Liechtenstein, Norway, and Switzerland - signed Trade and Economic Partnership Agreement (TEPA) in March last year.
Union Commerce and Industry Minister Piyush Goyal on Monday said the free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from September.
On March 10, 2024, the two sides signed the Trade and Economic Partnership Agreement (TEPA). As part of the deal, India secured an investment commitment of $100 billion over 15 years from the bloc, while agreeing to lower or eliminate duties on various products, including Swiss watches, chocolates, and cut and polished diamonds.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Once the trade pact is implemented, several products such as Swiss watches, Swiss chocolates, biscuits and cut and polished diamonds will come from four European countries at lower or zero duties.
Goyal said the agreement has received approval from the Parliaments of all four countries. In Switzerland, there is an objection period open until July 10 as July and August are holiday months there. He made the announcement during an official visit to Switzerland to promote trade and investment between the two countries.
India had promised to reduce tariffs to zero on 80-85% of goods from EFTA countries. On the other hand, the four European countries have agreed to allow duty-free market access for almost 99% Indian goods, including rice.
What Is EFTA?
Formed in 1960, the European Free Trade Association (EFTA) is an intergovernmental organisation. It was established as an alternative trade bloc for those European states that were unable or unwilling to join the European Union (EU).
The four countries – Iceland, Liechtenstein, Norway and Switzerland – are not part of the EU but have access to its single market through various agreements.
India's exports to EFTA countries during 2022-23 stood at $1.92 billion, while imports were at $16.74 billion during the last fiscal. The bilateral trade between India and EFTA stood at $18.65 billion in 2022-23, compared with $27.23 billion in 2021-22. Switzerland is the largest trading partner of India followed by Norway.
(with PTI inputs)
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