
India-EFTA to take effect from October 1: Goyal
MUMBAI: The free trade agreement between India and the four-nation European bloc EFTA will be implemented from Oct 1, commerce and industry minister
Piyush Goyal
said Saturday.
The two sides signed the Trade and Economic Partnership Agreement on March 10, 2024.
Under the pact, India has received an investment commitment of USD 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. "India-EFTA TEPA to come into effect from 1st Oct," Goyal said on X.
The European Free Trade Association members are Iceland, Liechtenstein, Norway, and Switzerland.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
21 minutes ago
- Mint
Investors eye possible US-Europe trade deal as deadline looms
NEW YORK, July 26 (Reuters) - Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline. European Commission President Ursula von der Leyen was set to meet U.S. President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework deal this weekend. Trump on Friday said there was a 50-50 chance or perhaps less that the U.S. would reach a trade agreement with the EU. Trade tensions between the U.S. and Europe may have provided some investors with a rationale to be cautious, said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute. "It's one of our largest trading relationships... So if that last piece falls into place, then you've probably got at the margin more people that have to get back in the markets," Samana said. "It's been a source of uncertainty that will go away." A deal would likely include a 15% baseline tariff on all EU goods entering the U.S. and probably a 50% tariff on European steel and aluminum, the officials and diplomats said. Optimism over easing trade tensions broadly has helped push U.S. stocks to record highs. Trump's April 2 "Liberation Day" announcement of sweeping global tariffs sent stocks plunging in the immediate aftermath, due to spiking fears about a recession that have since faded. Still, investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners. The EU is facing U.S. tariffs on more than 70% of its exports - 50% on steel and aluminum, 25% on cars and car parts and a 10% levy on most other EU goods, which Trump has said he would hike to 30% on August 1. Hopes for a deal with Europe rose after Trump struck a trade agreement with Japan earlier in the week. "The deal with Japan and the likely one soon with the EU are especially important given both are major U.S. trading partners, together accounting for about a quarter of all goods imports," analysts at Capital Economics said in a note on Friday. In the agreement with Japan, the country's auto sector, which accounts for more than a quarter of its U.S. exports, will see existing tariffs cut to 15% from levies totaling 27.5% previously. An agreement that also lowers EU auto tariffs to 15% "would be no small deal" for the region as well, as about 10% of its shipments to the U.S. are in the same category, Capital Economics said. Investors over the weekend were also watching for developments on trade between the U.S. and China. Officials from the two countries plan to meet in Stockholm next week to discuss extending an August 12 deadline for negotiating a deal. (Reporting by Lewis Krauskopf; Editing by Alden Bentley and Edward Tobin)
&w=3840&q=100)

Business Standard
an hour ago
- Business Standard
India-UK trade pact: Tariff cut may not impact Scotch whisky retail prices
The India-UK free trade agreement (FTA), under which tariffs on whisky and gin have been halved from 150 per cent to 75 per cent, which will further fall to 40 per cent in a decade's time, will not necessarily impact prices of Scotch whisky and gin for Indian consumers. According to a May 2025 report from the International Wine & Spirit Research (IWSR), blended Scotch grew the strongest of all the large whisky categories in India in 2024, with volumes rising by medium single digits and sales more than doubling since 2020. India is known to be a whisky market, with widespread national sales. However, while the data company's forecasts anticipated an upside from the FTA, it added that its impact should not be overestimated. 'While tariffs have been slashed from 150 per cent to 75 per cent, the impact on shelf prices is closer to 10 per cent and it is not a given that this will be passed on to consumers,' it had stated in the 2025 executive summary. The revised tariffs will apply to both bottled-in-origin (BIO) and bulk imports. Industry executives agree, stating that tariffs make up only up to 15 per cent of the final retail price, and with state taxes and costs for distribution and marketing, prices could be down by a mere 10 per cent. This may not be passed on to consumers, they said on the condition of anonymity. A senior commerce ministry official said that a major portion of whisky imports into India are used in the manufacture of blended whisky, whose production is set to rise due to cheaper raw material. 'We are foreseeing significant strategic and cost advantages from this development. We have estimated our Scotch requirements at over ₹250 crore in 2025-26 (FY26), and this treaty represents a substantial opportunity for value creation,' said Abhishek Khaitan, managing director at Radico Khaitan, one of the largest importers of Scotch whisky. Some liquor players also believe that the FTA will help consumers have access to premium Scotch whisky at reduced prices. 'The UK FTA is a positive move for the Scotch whisky segment, and it will enhance accessibility and affordability for Indian consumers. For import-driven portfolios like ours, this could fast-track category adoption, bring price parity closer to Indian Made Foreign Liquor (IMFL), and enable deeper reinvestment into consumer-building efforts,' said Debashish Shyam, cofounder and director, Ardent Alcobev, which sells Dram Bell blended Scotch whisky. However, the real benefit, Shyam added, will depend on how quickly the duty reductions are implemented, and whether the states align their tax structures accordingly. Spirits made up 51.2 per cent of the total beverage alcohol market in 2024, dominated by whisky. According to the data company, India consumed 258,750 under-9-litre cases of whisky in 2024, which is set to witness a compound annual growth rate (CAGR) of 3.1 per cent from 2024 to 2029. These included 8,509.60 cases of Scotch whisky, the company stated, adding that India is set to become the biggest Scotch market in the world by 2027.


India Today
an hour ago
- India Today
Friendship always first: PM resets India-Maldives ties with defence, trade push
Prime Minister Narendra Modi on his two-day visit to the Maldives reaffirmed the historic and strategic depth of the bilateral relationship. 'The roots of our relations are older than history, and as deep as the ocean,' Modi said during his two-day visit to Modi held wide-ranging talks with Maldivian President Mohamed Muizzu to strengthen cooperation in key sectors including trade, defence, and maritime security. 'For us, it is always friendship first,' the Prime Minister declared, calling India the 'most trusted' friend of the Indian Ocean meeting marked a turnaround in bilateral ties, which had witnessed tensions after Muizzu came to power in November 2023 following his 'India Out' campaign. Modi, however, asserted that the India-Maldives friendship will always 'remain bright and clear' regardless of circumstances. India on Friday announced a Rs4,850 crore (USD 565 million) line of credit to the Maldives. 'This amount will be used for projects related to the development of infrastructure in the Maldives, in accordance with the priorities of the people of the country', the PM Secretary Vikram Misri said the pact signed during the visit would reduce the Maldives' annual debt repayment to India by 40 per cent. While China's growing assertiveness was not directly mentioned, Misri said India continues to work with the Maldives on issues that may 'impinge not just our security but the common security of the region.'PM Modi confirmed that both sides will soon finalise a bilateral investment treaty and that negotiations for a free trade agreement have already the visit,PM Modi and Muizzu jointly inaugurated several India-backed projects, including a new defence ministry building in Male, roads and drainage systems in Addu city, and 3,300 housing units in Hulhumale. PM Modi also handed over 72 vehicles and equipment to the Maldives National Defence the new defence ministry complex as a 'concrete building of trust,' PM Modi said it stands as a symbol of the 'strong partnership' between the two nations. 'India will continue to support the Maldives in the development of its defence capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal,' he the Maldives' role in India's strategic outreach, PM Modi said, 'The Maldives holds an important place in both India's Neighbourhood First policy and its MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision.'PM Modi also spotlighted India's swift and consistent support to the Maldives during times of crisis. 'India is also proud to be the most trusted friend of the Maldives. Be it a disaster or a pandemic, India has always stood by as a 'first responder',' he welcomed the progress made under the economic and maritime security vision unveiled during Muizzu's visit to New Delhi in October last year. 'Now it is becoming a reality. And as a result of that, our relations are touching new heights,' PM Prime Minister also noted the growing success of India's UPI (Unified Payments Interface) system in the Maldives. 'The speed with which UPI is being promoted in the Maldives will give a boost to both tourism and retail,' he Modi arrived in Male from London in the second and final leg of his two-nation tour. He received a warm welcome at Velena International Airport, with President Muizzu and top Maldivian ministers personally receiving him. Later, he was accorded a ceremonial welcome and a guard of honour at the Republic Square.- EndsMust Watch