In a significant development, India has inked a Trade and Economic Partnership Agreement or TEPA with the European Free Trade Association or EFTA.
As part of the agreement, the government will gradually eliminate customs duties on imported goods, granting domestic consumers access to high-quality Swiss products like watches, chocolates, biscuits, and clocks at reduced prices.
The TEPA also secured a substantial 100 billion dollars investment commitment from the four EFTA nations. This landmark deal is poised to boost economic ties between India and the European countries involved.
The agreement extends price reductions to a range of European goods in Indian markets, encompassing seafood, Mediterranean fruits, coffee, oils, sweets, processed foods, and wine.
Additionally, items such as watches, smartphones, medical equipment, textiles, and machinery equipment are covered, marking a comprehensive effort to enhance trade relations.
The agreement, the official said would further promote exports from sectors including IT/ITES, business services, professional services such as accounting and auditing, architecture, engineering, R&D and environmental services.
"Through the EFTA free trade agreement, India has been able to secure certainty in market access, non-discriminatory treatment and a regulatory environment that is transparent, objective and least burdensome in a number of service sectors," the official added.