India-EFTA trade pact likely to be implemented in coming months: Goyal

The free trade agreement between India and the four-nation European bloc EFTA is likely to come into force in the next couple of months, Commerce and Industry Minister Piyush Goyal said on Friday.

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.

"I think it should come into effect, I believe in the next couple of months," Goyal said here at an event of SGS India.

 

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

Talking about the government's initiative to promote manufacturing of quality products in the country, Goyal said in the last 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to cut import of sub-standard goods into the country.

Till 2014, only 14 such orders covering 156 products were issued.

He added that huge opportunities are there for testing, inspection and certification business in India.

"We focused on high quality product manufacturing and it will help capture global markets," he said, adding India's exports growth demonstrates the country's good quality of goods and services that India offers to the rest of the world.

He also said that the government is gradually promoting third-party certification.

Goyal suggested the industry identify areas where testing is required so that the government can set up more testing labs and appealed to larger industry bodies to support MSMEs in upgrading the quality of their products.