The free trade agreement between India and the four-nation European bloc EFTA will come into force from Wednesday under which New Delhi 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.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It was signed on March 10, 2024.
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 the trade pact on these goods over 10 years.
The bloc committed an investment of USD 100 billion — USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years – which would facilitate the creation of one million direct jobs in India.
This is a first-of-its-kind pledge agree​The free trade agreement between India and the four-nation European bloc EFTA will come into force from Wednesday under which New Delhi 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.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It was signed on March 10, 2024.
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 the trade pact on these goods over 10 years.
The bloc committed an investment of USD 100 billion — USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years – which would facilitate the creation of one million direct jobs in India.
This is a first-of-its-kind pledge agree ​Latest News [ SOBAN NEWS: International and National ]
