India-EFTA trade pact may come into force before end of 2025: Goyal

Quick Summary:

The implementation process of free trade agreement (FTA) between India and the four-nation European bloc EFTA is progressing fast and is expected to come into force before the end of this year, Commerce and Industry Minister Piyush Goyal said.

Under the pact, India 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.

"Yes, EFTA is progressing very fast," Goyal told PTI when asked if the agreement would come into effect this year.

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Category: BusinessFinance

Markets: IndiaIcelandLiechtensteinNorwaySwitzerland

Topics: Piyush Goyal Economic Cooperation and Trade Agreement National Council European Free Trade Association CanadaEuropean Free Trade Association Free Trade Agreement Trade minister United Kingdom Free trade agreements Commissioner Swiss Council of States Minister Commerce and Industry Minister European Union Sefcovic Trade Maros Sefcovic India-EFTA trade pact Trade blocs General election European Economic Area

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-02 @ 16:35:07 (5 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 696 words

Reading Time: 4 minutes read

Sentences: 25 lines

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Copyright Owner: © Business Standard

News ID: 24816499

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