(MENAFN- KNN India) New Delhi, July 5 (KNN) The free trade agreement (FTA) between India and the European Free Trade Association (EFTA) is expected to come into effect in the coming months, Union Commerce and Industry Minister Piyush Goyal announced on Friday.

The Trade and Economic Partnership Agreement (TEPA), signed on March 10, 2024, represents India's efforts to deepen economic engagement with the four-nation bloc comprising Iceland, Liechtenstein, Norway, and Switzerland.

Speaking at an event organised by SGS India, Goyal noted,“I think it should come into effect, I believe, in the next couple of months.”

Under the agreement, EFTA members have committed to investing USD 100 billion in India over the next 15 years.

In return, India has agreed to reduce or eliminate duties on various high-value products such as Swiss watches, chocolates, and cut and polished diamonds.

The Minister emphasised that the deal is not only about trade liberalisation but also about long-term economic cooperation, particularly in attracting investments that support India's manufacturing and industrial growth.

Addressing the broader theme of quality manufacturing, Goyal highlighted the government's concerted efforts to curb the inflow of sub-standard imports through the issuance of Quality Control Orders (QCOs).

In the last decade, 156 QCOs covering 672 products have been implemented, a sharp increase from the 14 orders covering 156 products issued prior to 2014.

“This focus on high-quality production will not only protect domestic consumers but also enhance India's ability to compete in global markets,” Goyal said, stressing the importance of robust testing, inspection, and certification systems in driving India's export growth.

Goyal called on larger industry associations to support MSMEs in meeting quality standards and upgrading production processes.

“With sustained efforts on quality and compliance, India is well-positioned to expand its footprint in global markets,” the Minister concluded.

(KNN Bureau)

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