India-EFTA trade pact expected to come into effect from Sept 2024: Goyal

The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from September, Commerce and Industry Minister Piyush Goyal said on Monday.

The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

"It will enter into force by September," Goyal told reporters.

He said the agreement has received approval from the Parliaments of all four countries. In Switzerland, there is an objection period open until July 10. July and August are holiday months here.

He is here for an official visit to meet leaders and businesses to promote trade and investments between India and Switzerland.

Goyal said he held bilateral meetings with over a dozen companies here and most of them are keen to invest in India.

The Swiss firms have shown interest in sectors such as pharma, cybersecurity, and machinery manufacturing, he said.

"Lot of excitement here for India," he said.