India ratifies major trade pact with EFTA countries: Key details
India has officially ratified a major trade pact (TEPA) with four European countries: Iceland, Liechtenstein, Norway, and Switzerland.
Kicking in from October 1, this agreement is set to make trading between India and these nations way smoother.
TEPA to boost job opportunities, investments in India
The deal promises $100 billion in investment from EFTA over the next 15 years and could create up to one million direct jobs for Indians.
India will lower or scrap tariffs on things like Swiss watches and chocolates, while EFTA will drop duties on almost all Indian exports—especially industrial goods.
Switzerland is India's top trading partner in EFTA group
Switzerland is already India's top trading partner in the group, with $24.4 billion exchanged in 2024 between India and all EFTA countries.
TEPA is also the first time India has secured such a huge legally binding investment through a free trade agreement.
In short: more jobs, more opportunities abroad, and stronger ties with Europe are on the horizon.
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