The implementation of the Free Trade Agreement (FTA) between India and the four-nation European Free Trade Association (EFTA) is advancing at a rapid pace, according to Commerce and Industry Minister Piyush Goyal. The agreement, formally known as the Trade and Economic Partnership Agreement (TEPA), was signed on March 10, 2024, marking a significant milestone in strengthening economic ties between India and EFTA member nations.
The deal includes a major investment commitment of USD 100 billion over the next 15 years from the EFTA bloc. In return, India has agreed to grant lower or zero duties on several high-demand products such as Swiss watches, chocolates, and cut and polished diamonds.
This landmark agreement is expected to bolster trade flows, create new opportunities for businesses, and deepen the strategic partnership between India and