Switzerland Greenlights Mega Trade Pact Between India & EFTA

Trade & Economic Partnership pact is likely to come into force in Oct

- OUR CORRESPONDENT

NEW DELHI: Switzerland has finally completed the ratification process for a landmark trade deal between India and the European Free Trade Association (EFTA) that would reduce trade barriers and significantly open up the Indian market to Swiss exports.

Swiss Ambassador to India Maya Tissafi described Switzerland's ratification of the trade pact as a "significant milestone" in her country's bilateral relationship with New Delhi.

The envoy said that the Trade and Economic Partnership Agreement (TEPA) is expected to come into force in October.

Under the mega trade pact, the EFTA States of Iceland, Liechtenstein, Norway and Switzerland are looking at making an investment of $100 billion in India over the next 15 years.

Iceland, Liechtenstein and Norway have already ratified the trade agreement.

In March, the four-nation European grouping signed the TEPA with India following nearly 16 years of negotiations.