(MENAFN- KNN India) New Delhi, Jul 12 (KNN) Switzerland has officially ratified the India-EFTA trade agreement, paving the way for its rollout in October 2025.

This landmark deal, signed in March 2024, is between India and the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein.

It marks a major step toward enhancing trade and investment ties between India and these non-EU European countries.

The agreement is India's first Free Trade Agreement (FTA) with a European bloc. As part of the deal, EFTA nations have committed to invest $100 billion in India over the next 15 years. In return, India will gradually reduce tariffs on certain goods and provide easier market access.

Swiss Economy Minister Guy Parmelin confirmed the ratification during a recent press briefing. He said that all necessary legal steps in Switzerland have been completed and that preparations are underway for the deal to become operational by October 2025.

Parmelin also mentioned that this agreement will benefit Swiss exporters, particularly in sectors such as machinery, pharmaceuticals, and watches.

The trade deal focuses not just on goods and services but also includes cooperation in areas like intellectual property rights, sustainability, and investments.

According to Indian officials, the agreement aligns with India's 'Make in India' initiative by promoting technology transfer and job creation.

Other EFTA countries are expected to complete their ratification processes soon, allowing full implementation by the proposed date. India's commerce ministry has welcomed Switzerland's move and expressed optimism about stronger economic cooperation.

Experts say the India-EFTA deal will boost India's exports, attract foreign direct investment, and open up new business opportunities across sectors. It also positions India as a more attractive destination for high-quality European investments.

(KNN Bureau)

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