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mega trade deal between New Delhi and the four-nation European bloc EFTA will not only open up broad market access for Swiss businesses in India but is set to improve the legal framework and predictability for them, the Swiss government said on Sunday. The European Free Trade Association (EFTA) States — Iceland, Liechtenstein, Norway and Switzerland — signed a Trade and Economic Partnership Agreement (TEPA) with India that came after around 16 years of negotiations. Under the mega trade pact, the four European countries are looking at making an investment of USD 100 billion in India over the next 15 years. The trade deal will provide a window to Indian exporters to access large European and global markets besides allowing companies from the four EFTA countries to expand businesses and investment in India.

free trade pact with a four-member European bloc, Norway on Sunday said it will eliminate customs duties for almost 98 per cent of the imports from India under the framework of the pact. The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere. At a media briefing, Norway's Minister of Trade and Industry Jan Christian Vestre described the Trade and Economic Partnership Agreement (TEPA) as a major result-oriented milestone that would not only boost two-way trade but also promote a rules-based trading system.

European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland, aiming to boost trade and investments between the two regions. This agreement is expected to bring several benefits to Indian consumers and the economy. Key Benefits for Indian Consumers One of the major benefits of this trade pact is the phased-out custom duties on imported goods, which will enable domestic consumers to access high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices. The agreement includes tariff concessions on a range of products imported from Switzerland, including seafood, mediterranean fruits, coffee, oils, sweets, processed foods, and wine, among others. This will lead to a drop in prices of these products in Indian markets, making them more affordable and accessible to Indian consumers.

free trade pact between India and the four-nation bloc European Free Trade Association (EFTA), Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, affirmed that India will be world's premier manufacturing and service hub. She also said that the quality goods from India will get a very open market in Switzerland, adding that the Trade and Economic Partnership Agreement (TEPA) will also open job opportunities for the Indian youth. Speaking to ANI, the Swiss Secretary said, «It's a massive moment of joy for us. We've been negotiating this agreement for more than 16 years...I'm completely delighted that we managed to push it through during the past eight months.»

BEIJING (Reuters) — Shanghai Zhenhua Heavy Industries (ZPMC) said on Sunday its cranes do not pose a cybersecurity threat, after U.S. congressional committees questioned the Chinese state-owned company's work on cranes bound for the United States.

India signed a free trade pact on Sunday with a group of European nations — Switzerland, Norway, Iceland and Liechtenstein — committing to reduce tariffs, while New Delhi receives $100 billion in investments over the next 15 years. India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement. Here are key facts about the trade pact:

India and four-nation European bloc EFTA on Sunday signed a free trade agreement to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Union Minister Piyush Goyal, quoting PM Narendra Modi, said, «Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations. With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition. The trade agreement symbolizes our shared agreement to open fair, equitable trade, as well as generate growth and employment for the youth.»

CNBC-TV18. According to Shahani's LinkedIn profile, Ranjit Shahani is a mechanical engineer from the Indian Institute of Technology, Kanpur, and an MBA holder from the Jamnalal Bajaj Institute of Management Studies in Mumbai, served as the Managing Director and Vice Chairman at Novartis India Ltd. from 2001 to 2018.

India is set to tie duty reductions associated with the trade agreement with the European Free Trade Association (EFTA) to investments made by companies from member nations, including Switzerland, Norway, Iceland, and Liechtenstein, reported TOI. These nations have collectively pledged to invest $100 billion over a span of 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening. Negotiations for the agreement commenced in 2008 but were halted after the Modi government assumed office in 2014, as per a TOI report.

Ukrainian President Volodymyr Zelenskyy is in Istanbul for talks with Turkish President Recep Tayyip Erdogan

NEW DELHI, MUMBAI : The proposed free trade agreement between India and the European Free Trade Association is unlikely to address the issue of carbon tax—a key concern for domestic steelmakers looking to export to Europe. The two trading partners will instead address the issue through a separate pact later, two government officials told Mint. EFTA and India are likely to sign a free trade pact on Sunday, these officials said.

By Mark Milke

Figment Europe Ltd, a provider of institutional staking infrastructure, and Apex Group are planning to list two new exchange-traded products (ETPs) on the SIX Swiss Exchange on 12 March.

Mint reported that the four nations making up the European Free Trade Association (EFTA) have offered duty-free market access for India’s animal products, fish, processed food and vegetable oils in a trade pact that is expected to be signed next week. The EFTA nations–Iceland, Liechtenstein, Norway and Switzerland–have also proposed a $100 billion investment in India by their companies over 15 years, which is estimated to create about a million jobs. The two sides began negotiations for a trade treaty in 2008.

Lufthansa said Thursday it had doubled profits in 2023 on booming demand, as the aviation sector extends a rebound from the coronavirus pandemic. The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022.

NEW DELHI : The four nations making up the European Free Trade Association (EFTA) have offered duty-free market access for India’s animal products, fish, processed food and vegetable oils in a trade pact that is expected to be signed next week, two people aware of the matter said. The EFTA nations—Iceland, Liechtenstein, Norway and Switzerland—have also proposed $100 billion of investment in India by their companies over 15 years, which could create about a million jobs, the people said on the condition of anonymity. The two sides began negotiations for a trade treaty in 2008.

India will grow more than five-fold to $50-60 billion in the coming time from about $11 billion last year, IT and Communications Minister Ashwini Vaishnaw said on Wednesday. While speaking at a fintech event, the minister said employment in the electronics manufacturing sector will increase from about 10 lakh at present to 25 lakh in the coming days. He said that 10 years ago India imported 98% of mobile phones and at present 99% of the devices are made in India.

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ZURICH (Reuters) — The chief executive of Swiss bank UBS chastised European regulators for letting the United States get ahead in banking since the financial crisis, amid continuing debate over the future of global mega banks.

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Deutsche Börse, one of Europe’s biggest exchange operators, has launched a new regulated spot platform for crypto assets targeting institutional clients.