US EditionIndia-EFTA Trade Pact to Be Implemented From October 1: Piyush Goyal
INDIA, JUL 19 – The agreement aims to attract $100 billion in foreign direct investment and generate one million jobs in India over 15 years, boosting trade with four European nations.
- On Saturday, Piyush Goyal announced the TEPA will become operational from October 1, 2025, in Mumbai.
- On March 10, 2024, India and EFTA member states signed the pact with the purpose of boosting foreign investment and bilateral trade, reported PTI.
- By the pact’s terms, India received an investment commitment of USD 100 billion over 15 years, split between USD 50 billion in the first decade and USD 50 billion in the next five years, pledging one million direct jobs.
- In a bid to streamline access, Goyal said it will act as a `single-window platform`, and products like Swiss watches, chocolates, and cut and polished diamonds will enter India at lower duties.
- Over 40% of Switzerland’s services exports go to the EU, enabling Indian companies to use Switzerland as a base for EU expansion, with targets hinging on India maintaining 9.5% GDP growth in dollar terms.
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There is a plan to invest $100 billion in India under the Free Trade Agreement. In this way, an investment of $50 billion will come in 10 years and then another $50 billion in the next five years. This investment is expected to provide direct employment to 10 lakh people in India.
India-EFTA trade pact to be implemented from October 1: Piyush Goyal
Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties
India-EFTA Trade Deal Going Live On October 1; To Generate 1 Million Jobs, Attract $100 Billion FDI
The pact, signed on March 10, 2024, includes EFTA member states Iceland, Liechtenstein, Norway, and Switzerland and is expected to be a major driver of foreign investment and bilateral trade.
Free trade agreement will come into force from October 1, 2025 Business News Update (Today Samaj), Business Desk: Amid the ever-changing global environment and the pressure of the trade agreement being made by the US in the name of tariff, India has announced the implementation of a free trade agreement between EFTA. The free trade agreement between India and the European group of countries EFTA will come into force from October 1. Under the agr…
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