India-EFTA trade pact to boost stable, predictable business ties: Goyal

The free trade agreement (FTA) between India and the four-nation European bloc EFTA will bring stability, predictability and continuity to businesses in the regions, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said while India provides huge market and skilled professionals, Switzerland has advanced manufacturing capabilities.

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.

"The agreement will give stability, predictability and continuity in the partnership," Goyal said here while addressing businesses of both regions.

The agreement is expected to be operationalised from October.

He added that India has concluded the ratification process of the pact.

The minister also urged companies of both sides to take advantage of this relationship and promote trade and investments.

He also suggested a reciprocal system to provide certification services.