India's trade deal with Switzerland to be operational by 2025-end
What's the story
The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will be fully operational later this year, Commerce Minister Piyush Goyal said.
The EFTA includes four nations: Iceland, Liechtenstein, Norway, and Switzerland.
The announcement comes nearly a year after the trade agreement was signed officially on March 10, 2024.
Trade facilitation
India-EFTA Desk: A dedicated platform for trade promotion
In line with the TEPA, an India-EFTA Desk has been set up.
This will serve as a dedicated platform to promote investment, trade, and business facilitation between the parties involved.
The main aim of this initiative is to encourage private companies to invest $100 billion in India in the next 15 years.
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These goods will become cheaper
The deal has a provision which states that if the proposed investments do not come here because of certain reasons, India can suspend duty concessions to the four nations.
Customers here will get access to high-quality Swiss goods like watches, biscuits, chocolates, and clocks at cheaper prices, as India will remove customs duties under the trade pact on these products for 10 years.