India-EFTA trade pact likely by September

BERN: The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from Sept, commerce and industry minister Piyush Goyal said on Monday.

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 $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.

EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

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.


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