India-EFTA Free Trade Agreement To Take Effect In Sept, Enabling Zero-Duty Exports: Piyush Goyal

(MENAFN- KNN India) New Delhi, Jun 10 (KNN) Commerce and Industry Minister Piyush Goyal announced on Monday that the Free Trade Agreement (FTA) between India and the four-nation European Free Trade Association (EFTA) will take effect in September 2024.

The agreement, which was signed in March 2023, will enable Indian exporters to access markets in Switzerland, Norway, Iceland, and Liechtenstein with substantially reduced tariff barriers approaching zero duty rates.

The implementation of this FTA is expected to generate mutual benefits for both India and EFTA member nations.

Indian consumers will enjoy greater access to Swiss products-such as watches and chocolates-at reduced prices due to lower import duties, while Indian manufacturers will gain preferential access to EFTA markets.

The agreement marks a significant broadening of India's trade ties with developed European economies beyond the traditional European Union framework.

As part of the FTA, EFTA member states have also committed to investing USD 100 billion into the Indian economy.

Swiss companies have expressed particular interest in establishing operations within India's pharmaceutical, engineering, and technology sectors.

These investments are structured to include technology transfer arrangements that would enhance India's domestic capabilities in these strategic industries.

Swiss business leaders view India as an educated and demographically advantageous market that offers substantial cost advantages compared to developed European economies.

This positioning enables the potential for manufacturing products in India that can serve global markets while benefiting from lower operational costs and access to skilled workforce resources.

(KNN Bureau)

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