India-EFTA trade deal: Pact to kick in next couple of months, says Piyush Goyal; deal promises $100 bn investment & duty cuts on key goods

The free trade agreement between India and the European Free Trade Association (EFTA) is likely to be implemented in the next couple of months, Commerce and Industry Minister Piyush Goyal said on Friday.India and the four-nation EFTA bloc—comprising Switzerland, Norway, Iceland, and Liechtenstein—had signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. As part of the pact, India has received a commitment of $100 billion in investments over the next 15 years while offering tariff concessions on Swiss watches, chocolates, and cut and polished diamonds.“I think it should come into effect, I believe in the next couple of months,” Goyal said at an event organised by SGS India, as reported by PTI.The minister highlighted the government’s efforts to promote high-quality manufacturing, stating that in the past 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to restrict imports of sub-standard goods. By contrast, only 14 such orders covering 156 products were issued till 2014.Goyal said the testing, inspection and certification sector holds significant potential in India.

“We focused on high quality product manufacturing and it will help capture global markets,” he said, adding that India’s export performance reflects the quality of goods and services being delivered globally.He said the government is also encouraging third-party certification, and urged industry stakeholders to identify areas where testing infrastructure is needed. Goyal also appealed to large industry bodies to help MSMEs upgrade product quality.