Switzerland greenlights India-EFTA mega trade pact, set for Oct rollout

Switzerland has finally completed the ratification process for a landmark trade deal between India and the European Free Trade Association (EFTA) that would reduce trade barriers and significantly open up the Indian market to Swiss exports.

Swiss Ambassador to India Maya Tissafi described Switzerland’s ratification of the trade pact as a “significant milestone” in her country’s bilateral relationship with New Delhi.

The envoy said the Trade and Economic Partnership Agreement (TEPA) is expected to come into force in October.

Under the mega trade pact, the EFTA States of Iceland, Liechtenstein, Norway and Switzerland are looking at making an investment of USD 100 billion in India and 10 lakh jobs over the next 15 years.

Iceland, Liechtenstein and Norway have already ratified the trade deal.

In March, the four-nation European grouping signed the TEPA with India following nearly 16 years of negotiations.

Currently, Switzerland is the 12th-largest investor in India.

More than 330 Swiss companies are present in India in sectors such as engineering, services, precision instruments and chemicals.