India-EFTA free trade pact to roll out from Oct 1

The free trade agreement between India and the European Free Trade Association (EFTA), which also promises infusion of $100 billion direct investments in the country from the bloc’s four members -- Iceland, Liechtenstein, Norway and Switzerland — will be operational from October 1, Union commerce minister Piyush Goyal said on Saturday.

- Rajeev Jayaswal

“All the four countries [of EFTA] have ratified the FTA,” the minister said at a function of the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in Mumbai. The EFTA members have already submitted their documents with the repository, which is Norway, he said, adding that the Trade and Economic Partnership Agreement (TEPA) between India and the European bloc will come into effect.

India and EFTA nations signed TEPA on March 10 signed the free trade deal with a “binding” commitment from the bloc for infusion of direct investments of $100 billion in 15 years to create 1 million jobs. EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four member states.