The Minister of Trade and Trade Powers Joyal said here on Tuesday that the commercial agreement between India and the four European Free Trade Association (EFTA) will bring greater stability, prediction, and continuity in economic relations between the two regions.
The European Free Trade Association (EFTA) includes Iceland, Lesnstein, Norway and Switzerland.
Speaking in collecting business in Bern, Joyl highlighted the complementary strengths of the two partners – India, which offers a large market and a skilled worker, while EFTA countries provide capital, advanced manufacturing capabilities and artistic knowledge.
The Trade and Economic Partnership Agreement (TEPA), signed on March 10, 2024, EFTA members are committed to investing $ 100 billion in India for 15 years. On the other hand, India will reduce or remove import duties on various products, including Swiss watches, chocolate, and broken and polished diamonds.
“The agreement will give stability, the ability to predict and continue to partnership,” Joyal stressed.
The agreement is expected to be operated by September to October, and India has already completed the ratification process.
By encouraging deeper participation, the minister urged companies from both sides to benefit from the agreement to enhance trade and investment flows. It also suggested a mutual mechanism for certification services to support the most smooth bilateral trade.
– With PTI inputs
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2025-06-10 13:28:00
