india’s fta:- As of 2023, India is the fifth-largest trading partner of EFTA, following the European Union, USA, Britain, and China. The total trade between India and EFTA countries was $25 billion.
india’s fta:- India recently finalized a trade deal with the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland.
This agreement is a big achievement for Indian businesses and service providers after 15 years of talks. It has the potential to bring significant changes to India’s economy. As of 2023, India is the fifth-largest trading partner of EFTA, with total trade reaching $25 billion.
india’s fta:- The trade agreement allows Indian businesses to freely sell their products in EFTA countries without facing many taxes. It covers a wide range of items like animal products, fish, processed food, and vegetable oils, which make up most of India’s exports.
India has agreed on specific terms for different sectors with each EFTA member: 105 with Switzerland, 114 with Norway, 107 with Liechtenstein, and 110 with Iceland. This deal is expected to strengthen the relationship between India and Switzerland, as Switzerland is India’s biggest trading partner followed by Norway. Currently, many Indian technology companies export their products to Switzerland.
india’s fta:- In return, India has agreed to eliminate tariffs on 82.7% of the products it imports from EFTA countries, covering 95.3% of their exports, mainly gold. The deal doesn’t change the taxes on gold. It also respects the sensitivity of certain sectors like pharmaceuticals, medical devices, and processed food.
Some sectors like dairy, soy, coal, and certain agricultural products are excluded from the agreement. This deal is expected to attract around $100 billion in investment to India and create one million jobs over 15 years, supporting India’s economic growth goals.
india’s fta:- TEPA will enable our manufacturers to get special materials from the EFTA area, creating a good trading environment and boosting exports of Indian products and services. It will help India become a hub for manufacturing services globally, supporting the “Make in India” and “Self-Reliant India” campaigns.
India could become the main source for goods in sectors like manufacturing, machinery, banking, financial services, insurance, pharmaceuticals, chemicals, infrastructure, food processing, transportation, and logistics for the EFTA region. The agreement also opens doors for possible partnerships among countries, allowing India to reduce imports from China.
india’s fta:- TEPA will boost India’s workforce by creating more jobs and improving vocational and technical training opportunities. Collaboration in technology and access to advanced fields like precision engineering, health sciences, renewable energy, innovation, and research and development will strengthen India’s services sector.
Indian businesses can use Switzerland as a gateway to the EU market, as 40% of its services exports go there. The agreement will simplify visa procedures, recognize professional qualifications, and improve family access for Indian professionals.