India will establish its trade agreement with the European Free Trade Association (EFTA) on October 1, marking the world's first trade pact with the European grouping, a government official said on Monday, September 29.
The EFTA Four Nation block consists of Iceland, Liechtenstein, Norway and Switzerland (1:1) (1:1). The Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024, but the implementation of the deal was postponed due to procedural approvals in the member countries.
Indian government officials have stated that the launch on October 1 will not only be ceremonial, but industry stakeholders are aware of it and rely on it well because it is. According to the official, it is also the first time when market access obligations are directly related to investments.
India has agreed to reduce tariffs to zero on 80-85 percent of goods imported from EFTA countries. In turn, Indian exporters will enjoy free access to 99 percent of goods on the EFTA markets.
