Summary:

Union Minister Piyush Goyal announced a Rs. 8,74,500 crore (US$ 100 billion) FDI commitment from the European Free Trade Association (EFTA) under the Trade and Economic Partnership Agreement (TEPA). The pact, expected to take effect this year, could generate Rs. 34,98,000-43,72,500 crore (US$ 400-500 billion) in investments and create one million jobs. It also enables lower or zero tariffs on Swiss watches, chocolates, and diamonds.

The agreement establishes an EFTA Dedicated Desk in India to support EFTA companies in expanding their presence. This Desk will provide market intelligence, regulatory assistance, and business matchmaking. India has also designated industrial enclaves for EFTA enterprises to attract further investment. In 2023-24, India-EFTA trade totaled Rs. 2,09,880 crore (US$ 24 billion), with Switzerland as the leading partner. The initiatives could generate up to six million jobs.

Source: IBEF

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