Latest news with #InstrumentofRatification
&w=3840&q=100)
Business Standard
22-07-2025
- Business
- Business Standard
India ratifies trade deal with EFTA, eyes boost in exports, investment
India on Tuesday submitted the ratification document of the free trade agreement with the four-European nation bloc EFTA to Norway. The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), will be implemented from October 1, Commerce and Industry Minister Piyush Goyal has said on Saturday. "India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA," according to a post by the Indian Embassy in Norway on X. The two sides signed the agreement on March 10, 2024. Under the pact, India has received an investment commitment of $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. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Time of India
22-07-2025
- Business
- Time of India
India submits TEPA ratification document to EFTA bloc: Trade pact set to begin October 1, $100 bn investment pledged
India on Tuesday submitted the ratification document of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) to Norway, the designated depository for the pact, officials said. 'India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA,' the Indian Embassy in Norway said in a post on social media platform X. Commerce and Industry Minister Piyush Goyal had earlier stated that the agreement will be implemented from October 1. The two sides had signed the pact on March 10, 2024. As part of the agreement, India is set to receive $100 billion in investment over 15 years from the EFTA bloc, which comprises Iceland, Liechtenstein, Norway, and Switzerland. In return, India will offer reduced or zero import duties on a range of goods including Swiss watches, chocolates, and cut and polished diamonds. The agreement aims to deepen trade and investment ties between India and the non-EU European nations, and is one of India's most significant recent trade pacts. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
