India-EFTA Trade Agreement to be Implemented from October
On July 19, it was announced that the free trade agreement between India and the European Free Trade Association (EFTA) will come into effect from October 1. Commerce Minister Piyush Goyal stated that under the agreement, EFTA countries will invest $100 billion in India over the next 15 years, creating 1 million direct jobs.
The agreement will enable products like Swiss watches and chocolates to be imported into India with reduced duties. The European Free Trade Association, consisting of four European countries, and India signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.
This landmark agreement is expected to strengthen economic ties between India and Europe by encouraging investments and facilitating smoother trade in key products including cut and polished diamonds.