There has been a lot of good news from Europe for India. The special thing is that the deal which could not be done from America yet has become from four big countries of Europe. The information of which was given by Commerce and Industry Minister Piyush Goyal on Saturday. He said that the Free Trade Agreement between India and the European group of four countries EFTA will be applicable from October 1. Both sides signed the Trade and Economic Partnership Agreement (TEPA) on 10 March 2024. Under this agreement, India has committed an investment of $ 100 billion in 15 years from this group, while low or zero charges have been allowed on many products such as Swiss watches, chocolate and polished diamonds.
India-Efta Tepa to come into effect from 1st October. pic.twitter.com/be9qhfn7iu
– piyush goyal (@piyushgooyal) July 19, 2025
100 billion dollars and 10 million jobs
Goyal said in a post on social media forum X that the India-EFTA agreement will be applicable from October 1. Members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland. This organization has committed an investment of $ 100 billion. Under this, after the implementation of the agreement, there will be an investment of $ 50 billion within 10 years and $ 50 billion in the next five years, which will create 10 lakh direct employment in India. India’s largest trading partner in this block is Switzerland. India’s trade with the remaining three countries is low.
80 percent gold import
Under this agreement, India is offering its 82.7 percent fee lines or product categories, which cover 95.3 percent of EFTA exports, out of which more than 80 percent of imports are gold. High-quality Swiss products such as watches, chocolate, biscuits and wall clocks will be available to domestic customers at low prices as India will eliminate customs duty on these items in 10 years in a phased manner under trade agreement.