The big trade agreement between EFTA (European Free Trade Association), an organization of four countries of India and Europe, has now come into force. This historical agreement has been named TEPA i.e. Trade and Economic Partnership Agreement.
While India promises to get a huge investment of $ 100 billion with this agreement, the common people will also get a direct benefit. Especially those who like foreign things like Swiss clocks, chocolates and premium biscuits, this agreement is like a good news.
Which countries are EFTA and what is the benefit of India?
EFTA is a group of four European countries Switzerland, Norway, Iceland and Lichttenstein. India’s TEPA agreement with these countries was signed on 10 March 2024, which is now formally implemented. Through this agreement, India is expected to get a total investment of $ 100 billion in the next 15 years. 50 billion dollars in the first 10 years and then in the next 5 years the remaining 50 billion dollars.
With this, the government hopes that about 10 lakh new jobs will be created. The biggest thing is that if EFTA countries do not invest fixed, then India will have the right to withdraw or change the duty exemption given to them.
What will be the benefits of common people?
With the implementation of TEPA, common customers of India will now get foreign expensive things cheaper. Especially the custom duty on clocks such as Switzerland watches, premium chocolates, biscuits and kitchen products will be gradually eliminated. However, some products like milk, soy, coal and some agricultural commodities have been excluded from this agreement, so that domestic farmers and industry are not affected.
Roads will also open in services and business
Not only the product, but also in Services Sector, this agreement will open many new doors for India. India has entrusted EFTA in 105 sectors like accounting, computer, health and distribution. In return, EFTA countries have also given India access to their markets. This will provide more opportunities for Indian professionals to work abroad, especially in areas like Health and IT.