Parliamentary approval process for TEPA to be initiated immediately: Swiss govt
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.
Hours after the deal was sealed, Switzerland said its parliamentary approval process for the TEPA will be initiated immediately so that the country can ratify the agreement by 2025 at the latest.
«The signing of the agreement between the countries of the European Free Trade Association and India after 16 years of negotiations is a significant milestone in Swiss trade policy,» the Swiss government said in a statement.
It said India currently levies very high import tariffs on most products.
«Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods,» it said.
The statement said
