India has signed a significant Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) countries comprising Switzerland, Iceland, Norway and Liechtenstein.
Under the agreement, both parties have pledged substantial commitments, aiming to generate USD100 billion in investments and create 1 million direct jobs in India in the next 15 years.
Key provisions include tariff reductions on a wide range of goods, facilitating easier trade and fostering collaboration in services such as IT, education and entertainment.
The agreement prioritises the protection of IP rights, ensuring fair treatment for inventors and creators. Sustainability and inclusive growth are also emphasised.
According to the Indian government, this agreement is expected to invigorate India’s manufacturing sector, aligning with the objectives of its “Make in India” initiative.
It also opens doors for Indian businesses to expand into European markets, particularly leveraging Switzerland as a gateway to the EU.
