INVC NEWS
New Delhi — : The India and EFTA, a group of four European countries, have agreed to implement the FTA made with India in March last year from September this year, EFTA i.e. European Free Trade Association is a group of four countries. This group includes Iceland, Liechtenstein, Norway and Switzerland. This group had signed an FTA i.e. Free Trade Agreement with India last year. Union Industry and Commerce Minister Piyush Goyal said that this group is ready to implement the FTA with India from September this year.
What is the benefit to India?
India will get many benefits from this agreement made in March 2024. For example, exports to these countries will increase, which will have a direct and indirect effect on the Indian economy and employment. Apart from this, the biggest advantage of this deal will be that within the next 15 years, these countries will invest $ 100 billion in India.
Which products will be cheaper?
A major impact of the FTA will be that the products imported from these countries will be cheaper in India. For example, import duty on products like Swiss watches, chocolates will be reduced. The deal has also been approved at the Parliament level in all these four countries.
What did Piyush Goyal say?
According to the report, Industry and Commerce Minister Piyush Goyal is currently on an official visit to promote trade and investment between India and Switzerland. Goyal said in Switzerland on Monday that Swiss companies have shown interest in investing in India in sectors like medicine, cyber security and machinery manufacturing. Along with this, he said that it was a pleasure to know that the Swiss industry is waiting for the implementation of the India-EFTA Trade and Economic Partnership Agreement.
