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New Indian Express
a day ago
- Business
- New Indian Express
India-EFTA Trade Deal to Come into Force from October 1: Piyush 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. India, on March 10, 2024, signed a trade pact with the four-nation bloc – the European Free Trade Association (EFTA) – which not only gives access to India's goods and services to that market but also opens possibilities of $100 billion in investments in the country over 15 years. "India-EFTA TEPA to come into effect from 1st October," Goyal said in a post on X. The EFTA trade pact, the negotiations for which began in 2008, includes 100% market access to Indian non-agricultural products and concessions on processed agricultural products (PAP), while keeping primary agricultural products out of the ambit of the pact. EFTA will eliminate or reduce import tariffs on 99.6% of India's exports. India will eliminate or reduce import tariffs on 95.3% of the exports from EFTA nations. However, the effective duty on gold, which forms 80% of exports from EFTA countries, remains untouched at 15%. The trade pact also has provisions for mutual recognition agreements in professional services like nursing, chartered accountants, and architects, among others. This should allow these professionals from India to have more opportunities in the four EFTA bloc countries. On intellectual property rights, the two sides agreed to follow the high standards of the Trade-Related Intellectual Property Rights (TRIPS) agreement. India's interests in generic medicines and concerns related to the evergreening of patents have been fully addressed.
Time of India
2 days ago
- Business
- Time of India
India-EFTA to take effect from October 1: Goyal
Commerce minister Piyush Goyal MUMBAI: The free trade agreement between India and the four-nation European bloc EFTA will be implemented from Oct 1, commerce and industry minister Piyush Goyal said Saturday. The two sides signed the Trade and Economic Partnership Agreement 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 Oct," Goyal said on X. The European Free Trade Association members are Iceland, Liechtenstein, Norway, and Switzerland. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
India-EFTA trade pact to be implemented from October 1, says Piyush 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, 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. Show more Show less
Hans India
2 days ago
- Business
- Hans India
India-EFTA free trade pact to come into effect from October 1: Piyush Goyal
Mumbai: Union Commerce Minister Piyush Goyal said on Saturday that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will officially come into effect on October 1, that would facilitate the creation of 1 million direct jobs in India. EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland. The landmark pact, signed on March 10, 2024, is likely to unlock huge foreign direct investment (FDI) and deepen trade and economic cooperation across several sectors. 'India-EFTA TEPA to come into effect from 1st October,' the minister posted on X. EFTA nations have committed an investment of $100 billion, which would help create 1 million direct jobs in India. A dedicated India-EFTA Desk has been launched to promote trade, investment, and business partnerships. Goyal said the desk will act as a 'single-window platform' for both governments and private companies. The India-EFTA deal includes $50 billion in FDI within the first 10 years; an additional $50 billion over the next 5 years; and generation of 1 million direct jobs in India. TEPA marks one of India's most comprehensive trade pacts and is expected to open up premium European markets for Indian exporters while bringing in capital, innovation, and jobs. As part of the pact, EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India's exports to the region. The EFTA's market access offer covers 100 per cent of non-agri products and tariff concession on Processed Agricultural Products (PAP). Under the agreement, India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of EFTA exports of which more than 80 per cent import is gold. The effective duty on gold remains untouched. Sensitivity related to PLI in sectors such as pharma, medical devices and processed food etc. have been taken while extending offers. Sectors such as dairy, soya, coal and sensitive agricultural products are kept in the exclusion list. As part of the pact, 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.
News18
2 days ago
- Business
- News18
India-EFTA Free Trade Agreement To Come Into Force From October 1: Piyush Goyal
Last Updated: 'All the four countries have ratified the FTA, lodged their documents with the repository in Norway, and from 1st October, the FTA will come into effect,' says commerce minister. The long-awaited Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will officially come into effect from October 1, 2025. The announcement was made by Commerce Minister Piyush Goyal on Saturday. The EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland. 'All the four countries have ratified the FTA, lodged their documents with the repository in Norway, and from 1st October, the FTA will come into effect," said Goyal, while speaking at an Assocham event on July 19, 2025. The agreement, signed on March 10, 2024, is considered one of India's most comprehensive trade pacts and is expected to significantly deepen economic ties by unlocking substantial foreign direct investment and boosting trade across multiple sectors. To ensure smoother implementation, a Dedicated India-EFTA Desk has been set up. This desk will facilitate trade, investment, and private sector partnerships between India and EFTA nations. Goyal said, 'The desk will act as a single-window platform for both governments and private companies, easing entry for EFTA-based investors into India's booming sectors." TEPA lays out an ambitious investment roadmap, targeting $50 billion in FDI over the first 10 years, followed by another $50 billion in the subsequent five years. The agreement also aims to generate one million jobs in India as a direct result of increased trade and capital inflows. However, the achievement of these targets is contingent on India maintaining an average GDP growth rate of 9.5 per cent in US dollar terms, which is broadly in line with its historical trend. A free trade agreement (FTA) is a treaty between two or more countries to reduce or eliminate barriers to trade, such as import duties, quotas, or licensing rules. The goal is to promote smoother exchange of goods, services, and investments by offering easier market access. FTAs like TEPA often go beyond just tariff reduction and include long-term investment commitments, technology transfer provisions, and employment generation targets. For India, the TEPA deal is expected to open premium European markets to Indian exporters, while also bringing in high-quality capital, advanced technology, and innovation. It is seen as a key step in strengthening India's position in global supply chains and attracting long-term strategic investments. For EFTA, the agreement provides access to one of the fastest-growing large economies in the world, giving it a stronger presence in South Asia during a time of global trade realignments. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
