Switzerland Approves Historic India-EFTA Trade Pact

Switzerland's federal cabinet has approved the India-EFTA trade pact aimed at enhancing trade and investment between India and the EFTA nations. The agreement focuses on removing trade barriers and encouraging investments of up to USD 100 billion in India, covering sectors such as pharmaceuticals and manufacturing.

Switzerland's federal cabinet has given the green light to the India-EFTA trade pact, aiming to foster economic ties between India and EFTA members, including Norway, Switzerland, Iceland, and Liechtenstein. The agreement awaits parliamentary ratification.

Signed in March, this expansive trade pact seeks to boost trade in pharmaceuticals, manufacturing, and new technologies, with an investment outlook of USD 100 billion in India over the next 15 years. The pact will significantly ease tariffs and trade barriers, particularly for Swiss exports to India.

In a statement, the Swiss government highlighted that India's burgeoning middle class presents immense growth potential, despite high import duties. The deal includes a chapter on investment promotion and cooperation and aims to set a precedent in sustainable trade development. The Swiss Parliament will deliberate the agreement in its upcoming sessions.

(With inputs from agencies.)