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India-EFTA Trade Pact to Be Implemented From October 1: Piyush Goyal
INDIA, JUL 19 – The agreement includes a $100 billion foreign direct investment commitment over 15 years and aims to create one million jobs in India, enhancing trade and economic cooperation with EFTA.
- On Saturday, Piyush Goyal announced that the India-EFTA trade pact will be implemented from October 1, 2025.
- On March 10, 2024, the agreement was signed by India and EFTA member states Iceland, Liechtenstein, Norway, and Switzerland, marking India’s first trade deal with a $100 billion investment pledge.
- Under the pact, India commits to $100 billion FDI over 15 years, with $50 billion in the first 10 and another $50 billion in the next five years, and will cut tariffs on over 82% of product categories covering more than 95% of EFTA exports.
- Goyal noted the Dedicated India-EFTA Desk is established, serving as a single-window facilitation mechanism for stakeholders.
- Future projections show that the India-EFTA trade pact aims to generate one million jobs, expand European market access for Indian exporters, and boost technology via Swiss SMEs, as Goyal stated.
21 Articles
21 Articles
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There is a plan to invest $100 billion in India under the Free Trade Agreement. In this way, an investment of $50 billion will come in 10 years and then another $50 billion in the next five years. This investment is expected to provide direct employment to 10 lakh people in India.
India-EFTA trade pact to be implemented from October 1: Piyush Goyal
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
India-EFTA Trade Deal Going Live On October 1; To Generate 1 Million Jobs, Attract $100 Billion FDI
The pact, signed on March 10, 2024, includes EFTA member states Iceland, Liechtenstein, Norway, and Switzerland and is expected to be a major driver of foreign investment and bilateral trade.
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