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Switzerland green lights historic India-EFTA trade agreement
Industry News- Sep 06,24
Signed in March, this comprehensive agreement is designed to enhance trade in pharmaceuticals, manufacturing, and emerging technologies, with a projected investment of $100 billion in India over the next 15 years.
Switzerland’s federal cabinet has approved a landmark trade agreement between India and the European Free Trade Association (EFTA), which includes Norway, Switzerland, Iceland, and Liechtenstein. The pact now awaits ratification by the Swiss Parliament.
Signed in March, this comprehensive agreement is designed to enhance trade in pharmaceuticals, manufacturing, and emerging technologies, with a projected investment of $100 billion in India over the next 15 years. It aims to reduce tariffs and trade barriers, particularly benefiting Swiss exports to India.
The Swiss government emphasised the significant growth potential offered by India’s expanding middle class, despite current high import duties. The pact features a dedicated chapter on investment promotion and cooperation and is intended to set a benchmark for sustainable trade development. The Swiss Parliament will review and discuss the agreement in upcoming sessions.
(devdiscourse)
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