ENA Global 2025-06-10 15:04:40 <p><span style="font-size:14px"><strong>New Delhi, Jun 10 (KNN)</strong> Commerce and Industry Minister Piyush Goyal announced on Monday that the Free Trade Agreement (FTA) between India and the four-nation European Free Trade Association (EFTA) will take effect in September 2024. </span></p> <p><span style="font-size:14px">The agreement, which was signed in March 2023, will enable Indian exporters to access markets in Switzerland, Norway, Iceland, and Liechtenstein with substantially reduced tariff barriers approaching zero duty rates.</span></p> <p><span style="font-size:14px">The implementation of this FTA is expected to generate mutual benefits for both India and EFTA member nations.</span></p> <p><span style="font-size:14px">Indian consumers will enjoy greater access to Swiss products&mdash;such as watches and chocolates&mdash;at reduced prices due to lower import duties, while Indian manufacturers will gain preferential access to EFTA markets.</span></p> <p><span style="font-size:14px">The agreement marks a significant broadening of Indias trade ties with developed European economies beyond the traditional European Union framework.</span></p> <p><span style="font-size:14px">As part of the FTA, EFTA member states have also committed to investing USD 100 billion into the Indian economy.</span></p> <p><span style="font-size:14px">Swiss companies have expressed particular interest in establishing operations within India's pharmaceutical, engineering, and technology sectors. </span></p> <p><span style="font-size:14px">These investments are structured to include technology transfer arrangements that would enhance India's domestic capabilities in these strategic industries.</span></p> <p><span style="font-size:14px">Swiss business leaders view India as an educated and demographically advantageous market that offers substantial cost advantages compared to developed European economies. </span></p> <p><span style="font-size:14px">This positioning enables the potential for manufacturing products in India that can serve global markets while benefiting from lower operational costs and access to skilled workforce resources.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42390 https://knnindia.co.in/news/newsdetails/global/india-efta-free-trade-agreement-to-take-effect-in-sept-enabling-zero-duty-exports-piyush-goyal 2025-06-10 15:04:40 knnindia.co.in