India-EFTA pact to be implemented by end of 2025: Goyal

The implementation process of free trade agreement (FTA) between India and the four-nation European bloc EFTA is progressing fast and is expected to come into force before the end of this year, Commerce and Industry Minister Piyush Goyal said.

- Press Trust of India

NEW DELHI:

The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

"Yes, EFTA is progressing very fast," Goyal told PTI when asked if the agreement would come into effect this year.