MFN status suspension by Switzerland not to impact EFTA trade pact with India: Commerce Secy
Double Taxation Avoidance Agreement (DTAA) will not have any impact on the commitments signed in a trade agreement between India and the EFTA bloc, a top government official said on Monday.
The Swiss government has suspended the most favoured nation (MFN), which could potentially impact Swiss investments in India and lead to higher taxes on Indian companies operating in the European nation.
India and the four-nation European Free Trade Association (EFTA) signed the agreement in March. Its members are Iceland, Liechtenstein, Norway, and Switzerland.
Switzerland is the largest trading partner of India, followed by Norway in the bloc.
«On EFTA, there is no impact,» Commerce Secretary Sunil Barthwal told reporters here when asked whether the Swiss decision would impact the USD 100 billion investment commitment of the EFTA bloc under the trade pact with India.
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