Trade agreement between India and the European Free Trade Association (EFTA)
Trade agreement will come into effect post-ratification by the governments of the respective countries
Trade agreement will come into effect post-ratification by the governments
Officials from India and the European Free Trade Association (EFTA)—an inter-governmental organization consisting of Iceland, Liechtenstein, Norway, and Switzerland—on 10 March 2024 signed a trade and economic partnership agreement (TEPA).
Switzerland will therefore unilaterally eliminate customs duties on its industrial goods with effect from 1 January 2024. Linkage of duty reduction by India with investment from trade partners is a first for India in a multilateral arrangement.
While the trade agreement has been signed by the parties, it will come into effect post-ratification by the governments of the respective countries, which can be expected in early 2025.
Read a March 2024 report [PDF 415 KB] prepared by the KPMG member firm in India
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