India submits TEPA ratification document to EFTA bloc: Trade pact set to begin October 1, $100 bn investment pledged
'India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA,' the Indian Embassy in Norway said in a post on social media platform X.
Commerce and Industry Minister Piyush Goyal had earlier stated that the agreement will be implemented from October 1. The two sides had signed the pact on March 10, 2024.
As part of the agreement, India is set to receive $100 billion in investment over 15 years from the EFTA bloc, which comprises Iceland, Liechtenstein, Norway, and Switzerland.
In return, India will offer reduced or zero import duties on a range of goods including Swiss watches, chocolates, and cut and polished diamonds.
The agreement aims to deepen trade and investment ties between India and the non-EU European nations, and is one of India's most significant recent trade pacts.
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