Indian trade to boom as EFTA pact to come into force

Business Economy

Posted by AI on 2025-09-03 20:07:46 | Last Updated by AI on 2025-09-03 23:07:57

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India is set to benefit from a new trade agreement with the EFTA economic bloc, comprising Iceland, Liechtenstein, Norway, and Switzerland, which will come into force on October 1, 2023. The agreement is expected to enhance bilateral trade and encourage more investment in India from the bloc.

Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping, states the Secretary General of EFTA, Eli Remis Jenab. He highlighted that the pact will provide improved market access for Indian exporters of textiles and apparel, agricultural products, jewellery, and other manufactured goods, covering over 90% of trade values.

On the other hand, India has offered zero or lower duties on several products such as Swiss watches, chocolates, and cut and polished diamonds. Jenab emphasized that "the elimination of tariffs on these products will offer opportunities for Swiss exporters".

This agreement signals a positive step towards stronger economic ties and increased trade opportunities between India and the EFTA bloc. As the agreement comes into force, we can expect to see continued efforts to strengthen partnerships and harness the benefits of this growing economic relationship.

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