In 2018, after EFTA and Indonesia signed an FTA, a Swiss non-government organisation Public Eye highlighted deforestation in Indonesia for palm tree cultivation as well as the death of orangutans
Switzerland's federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process. The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and Liechtenstein, aims at expanding trade across a range of areas, including pharmaceuticals, manufacturing, new technologies and machinery. Under the mega trade deal, the four European countries are looking at making an investment of USD 100 billion in India over the next 15 years. Each of the signatory countries will have to ratify the pact for its roll out. On Wednesday, the Federal Council adopted a dispatch on the free-trade agreement between the EFTA states and India, the Swiss government said in a statement. The Federal Council, which is the Swiss federal cabinet, is the highest executive authority in the country. The Swiss Parliament is expected to debate the ..
The government on Friday said the free trade agreement signed between India and the four European nation bloc EFTA in March is under the ratification process in those countries. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that there is no fixed time frame for the ratification, as the process is different in each of the EFTA (European Free Trade Association) countries. In March, India and EFTA signed a Trade and Economic Partnership Agreement (TEPA). Under the pact, India will receive the investment 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 EFTA members are Iceland, Liechtenstein, Norway and Switzerland. "The TEPA agreement is under the ratification process in the national parliament or legislature of each EFTA country," Prasada said. In India, such trade pacts are approved by the Union Cabinet. According to the
Oman is seeking duty concessions on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry
India's interest in trade and economic partnership with EFTA countries stems from the expertise of affluent member-nations in precision technology, and India's appetite for foreign direct investment
In exchange for tariff reduction, EFTA countries will increase foreign investments in India
The commerce minister left no one in any doubt that the government will protect the domestic producers as long as they felt that it was necessary
EFTA governments have committed to promoting investments, and facilitating job creation (as a result of such investment), as well as cooperating on technology collaboration between EFTA and India
Prime Minister Narendra Modi's government is taking advantage of India's growing appeal as the world's fastest-growing major economy and an alternative to China for global supply chains
For promised FDI, India's nominal GDP must grow 9.5% in $ terms over 15 yrs
The FTA text says the opening of branches by foreign banks in branch or wholly-owned subsidiary (WOS) mode shall also be subject to the requirements
Here is the best of Business Standard's opinion pieces for today
India should focus on bringing technology
Alcoholic beverages makers' body CIABC on Monday said the free trade agreement between India and four European nation bloc EFTA will help push the growth of the domestic wine industry. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland. The Confederation of Indian Alcoholic Beverage Companies (CIABC) Director General Vinod Giri said that time-bound reduction of customs duties on an equitable and sustainable level will support the domestic industry. As per the documents of the agreement, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5. Wines priced between USD 5 and less than USD 15 will see a duty reduction from 150 per cent to 100 per cent in the first year, then decreasing gradually to 50 per cent over 10 years. For wines costing USD 15 or more, he said, the initial duty cut is from 150 per cent to 75 per cent, eventually reducing to 25 per cent after 10 ...
India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...
$100 billion FDI is a massive number. It took my breath away, said Swiss State Secretary for Economic Affairs Helene Budliger Artieda
Switzerland on Sunday said it will get duty-free access to the Indian market for selected agricultural products after a transition period of up to ten years under the trade agreement signed between India and EFTA. India on Sunday signed the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received an investment commitment of USD 100 billion from these four European countries. EFTA members are Switzerland, Norway, Iceland and Liechtenstein. "India is now the most populous country in the world. The growing middle class in particular is contributing to major growth potential. However, India currently levies very high import tariffs on most products," Switzerland said in a statement. Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods, it added. Swiss Federal Councillor Guy Parmelin an
The free trade agreement between India and the four European nation bloc EFTA will help boost trade and investments in the country in sectors such as engineering, pharma, food processing, and apparel, says the industry. India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received a USD 100 billion investment commitment from these four European countries. The investment commitment by the companies of the grouping - Switzerland, Norway, Iceland and Liechtenstein - would be executed over a period of 15 years and facilitate creation of one million direct jobs in India. Industrialist and Tirupur Exporters Association President A Sakthivel said that the pact would help promote two-way commerce and help Indian apparel exporters increase their shipments. "The investment commitment will boost domestic manufacturing," Sakthivel said. Industry body CII President R Dinesh said that the "unique" pledge b
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It will take up to a year to implement the agreement due to an elaborate ratification process of these pacts in different countries. "We are giving duty concessions on Swiss watches, and chocolates," an official said. Some famous Swiss watch brands are Rolex, Omega, and Cartier. Nestle, which is a Swiss brand, is a major player in the Indian FMCG industry and manufactures chocolates in India. It is the third-largest listed entity in the Indian FMCG segment. According
Prime Minister Narendra Modi on Sunday said the India-EFTA trade agreement symbolises our shared commitment to open, fair and equitable trade. He also said that the global leadership of EFTA countries in innovation and R&D across diverse spheres like digital trade, banking and financial services, and pharma will open up new doors of collaboration. "Heartiest Congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Partnership Agreement (TEPA)," Modi said in a written message. The Prime Minister's statement was read by Commerce and Industry Minister Piyush Goyal here in the presence of ministers and officials of EFTA countries. "In the last 10 years, India's economy has taken a quantum leap, moving from being the world's eleventh largest economy to the fifth largest. Our next goal is to make India's economy in the world," the Prime Minister said. They are here for the signing of the FTA. The European Free Trade ...