Latest news with #India-EFTA
New Indian Express
3 days ago
- Business
- New Indian Express
India-EFTA Trade Deal to Come into Force from October 1: Piyush Goyal
The free trade agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on Saturday. India, on March 10, 2024, signed a trade pact with the four-nation bloc – the European Free Trade Association (EFTA) – which not only gives access to India's goods and services to that market but also opens possibilities of $100 billion in investments in the country over 15 years. "India-EFTA TEPA to come into effect from 1st October," Goyal said in a post on X. The EFTA trade pact, the negotiations for which began in 2008, includes 100% market access to Indian non-agricultural products and concessions on processed agricultural products (PAP), while keeping primary agricultural products out of the ambit of the pact. EFTA will eliminate or reduce import tariffs on 99.6% of India's exports. India will eliminate or reduce import tariffs on 95.3% of the exports from EFTA nations. However, the effective duty on gold, which forms 80% of exports from EFTA countries, remains untouched at 15%. The trade pact also has provisions for mutual recognition agreements in professional services like nursing, chartered accountants, and architects, among others. This should allow these professionals from India to have more opportunities in the four EFTA bloc countries. On intellectual property rights, the two sides agreed to follow the high standards of the Trade-Related Intellectual Property Rights (TRIPS) agreement. India's interests in generic medicines and concerns related to the evergreening of patents have been fully addressed.
Economic Times
4 days ago
- Business
- Economic Times
India-EFTA trade pact to be implemented from Oct 1: Goyal
TIL Creatives AI generated image used for representation The free trade agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on two sides signed the Trade and Economic Partnership Agreement (TEPA) 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 October," Goyal said in a post on X. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of USD 100 billion -- USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years -- which would facilitate the creation of 1 million direct jobs in is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so commitment is the key substance of the agreement, which took almost 16 years to conclude, for India in return for opening its markets for several products coming from the EFTA biggest trading partner of India in the bloc is has low trade volumes with the remaining three countries. In the pact, India is offering 82.7 per cent of its tariff lines or product categories, which cover 95.3 per cent of EFTA exports, of which more than 80 per cent of imports are gold. Domestic customers will get access to high-quality Swiss products, such as watches, chocolates, biscuits, and clocks, at lower prices as India will phase out customs duties under the trade pact on these goods over 10 the services sector, the commerce ministry has earlier stated that India has offered 105 sub-sectors to the EFTA, like accounting, business services, computer services, distribution and the other hand, the country has secured commitments in 128 sub-sectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from where Indian services will get a boost, include legal, audio-visual, R&D, computer, accounting, and the pact would provide an opportunity for domestic exporters to integrate into the EU (European Union) markets. Over 40 per cent of Switzerland's global services exports are to the EU. Indian companies can look to Switzerland as a base for extending their market reach to the EU. India-EFTA two-way trade was USD 24.4 billion in 2024-25.
News18
4 days ago
- Business
- News18
India-EFTA trade pact to be implemented from Oct 1: Goyal
New Delhi, Jul 19 (PTI) The free trade agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on Saturday. The two sides signed the Trade and Economic Partnership Agreement (TEPA) 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 October," Goyal said in a post on X. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of USD 100 billion — USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years — which would facilitate the creation of 1 million direct jobs in India. This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far. The commitment is the key substance of the agreement, which took almost 16 years to conclude, for India in return for opening its markets for several products coming from the EFTA nations. The biggest trading partner of India in the bloc is Switzerland. India has low trade volumes with the remaining three countries. In the pact, India is offering 82.7 per cent of its tariff lines or product categories, which cover 95.3 per cent of EFTA exports, of which more than 80 per cent of imports are gold. Domestic customers will get access to high-quality Swiss products, such as watches, chocolates, biscuits, and clocks, at lower prices as India will phase out customs duties under the trade pact on these goods over 10 years. In the services sector, the commerce ministry has earlier stated that India has offered 105 sub-sectors to the EFTA, like accounting, business services, computer services, distribution and health. On the other hand, the country has secured commitments in 128 sub-sectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from Iceland. Segments, where Indian services will get a boost, include legal, audio-visual, R&D, computer, accounting, and auditing. Further, the pact would provide an opportunity for domestic exporters to integrate into the EU (European Union) markets. Over 40 per cent of Switzerland's global services exports are to the EU. Indian companies can look to Switzerland as a base for extending their market reach to the EU. India-EFTA two-way trade was USD 24.4 billion in 2024-25. PTI RR BAL BAL (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 19, 2025, 14:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
4 days ago
- Politics
- The Hindu
Top news of the day: July 19, 2025
Five jets shot down during India-Pakistan conflict, claims Trump In a fresh claim, U.S. President Donald Trump said 'five jets were shot down' during the conflict between India and Pakistan in May and repeated his assertion that the fighting ended following his intervention. The U.S. President did not specify whether the jets were lost by either of the two countries or whether he was referring to combined losses by both sides. In virtually rejecting Mr. Trump's claim of ending the conflict, New Delhi has been maintaining that the two sides halted their military actions following direct talks between their militaries without any mediation by the U.S. India-EFTA trade pact to be implemented from October 1: Piyush Goyal The Free Trade Agreement between India and the four-nation European bloc European Free Trade Association (EFTA) will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on Saturday (July 19, 2025). The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of $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 October,' Mr. Goyal said in a post on X. Congress chief Mallikarjun Kharge accuses PM Modi of 'murdering' Constitution Addressing the Sadhana Samavesha programme in Mysuru on July 19, Congress president Mallikarjun Kharge said, 'In the Congress party, people perform, while in Modi's BJP, people only speak. Mr. Kharge accused Prime Minister Narendra Modi of 'murdering' the Constitution, asserting that the people of India would not allow the BJP and RSS to alter it. 'BJP and RSS are talking about amending or rewriting the Constitution. You may try however much you want; the people of this country will not allow you to change the Constitution. If you (people) allow them to change the Constitution, you will not have any rights,' Kharge warned the gathering. India a secular nation, minorities safest in this country, says Kiren Rijiju India is a secular nation and minorities are safest in this country, Union Minister Kiren Rijiju has said, asserting that minorities are enjoying absolute freedom and protection because of the Hindu majority. In an interview, the Minority Affairs Minister said he has not come across a single case where a member of the minority community is willing to migrate out of India because of being deprived of anything in the country. Asked about his predecessor Mukhtar Abbas Naqvi's statement when he was the Minister that India is heaven for minorities, Mr. Rijiju said India is a country where 'people are law abiding, we are secular, we have a Constitution', and so, whether in majority or minority, everybody is the same. Congress' street protest over statehood foiled by L-G administration in Srinagar The Congress on Saturday (July 19, 2025) accused the Lieutenant Governor administration of blocking their 'peaceful protests' in Srinagar over the restoration of 'full Statehood' to Jammu and Kashmir. The Congress leaders alleged the security forces blocked the gates of the Congress headquarters in Srinagar and allegedly detained several leaders, including elected legislators like Irfan Hafiz Lone, who were travelling from different districts to attend the protest rally. Rahul Gandhi using his constitutional position to protect family crimes: BJP The BJP on Saturday (July 19, 2025) accused Rahul Gandhi of misusing his constitutional position as the Leader of Opposition in Lok Sabha to 'protect' his family's crimes. The party made the allegations as part of its continued targeting of the Congress leader's defence of his brother-in-law, Robert Vadra, who has been charged by the ED with money laundering. Speaking to reporters, BJP national spokesperson Sudhanshu Trivedi claimed that the Opposition INDIA bloc is beset with internal conflict and faces disintegration ahead of Parliament's Monsoon Session beginning Monday (July 21, 2025). Mr. Gandhi has come out to protect Mr. Vadra's properties collected through corruption, he alleged, noting that the Congress leader is himself on bail in a corruption case. NIA chargesheets top CPI (Maoist) leader for waging war against India The National Investigation Agency (NIA) chargesheeted a senior leader of the banned Communist Party of India (Maoist) in connection with an anti-India conspiracy case. The supplementary chargesheet was filed before the NIA Special Court in Hyderabad, naming C.P. Moideen, alias Girish, under various provisions of the Unlawful Activities (Prevention) Act, 1967, and the Indian Penal Code (IPC). According to the NIA, Moideen was actively involved in the Maoist conspiracy to wage war against the Government of India. Evidence gathered during the investigation confirmed his central role in Maoist operations within the Western Ghats Special Zonal Committee (WGSZC) of the CPI (Maoist). Miscreants set 15-year-old girl on fire in Odisha, victim under treatment at AIIMS Bhubaneswar A 15-year-old girl was set on fire by unidentified persons in Odisha's Puri district on Saturday (July 19, 2025), officials said. The girl was rushed to AIIMS Bhubaneswar in a critical condition, and she has suffered 70% burn injuries, but she is able to speak, they said. Deputy Chief Minister Pravati Parida, who is in charge of the Women and Child Development Department, said the government will bear the expenses of the girl's treatment and that the police have been asked to arrest the culprits as soon as possible .The incident took place at Bayabar village in the Balanga police station area around 9 a.m. when the girl was going to her friend's house. India, U.S. teams conclude fifth round of talks for proposed trade pact: Official India and the U.S. teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington on July 17, an official said. The negotiations were held for four days (July 14-17) in Washington. 'The Indian team is coming back,' the official said. India's chief negotiator and special secretary in the department of commerce Rajesh Agrawal leads the team for negotiations. Pakistan claims terror network 'dismantled', denies LeT link to Pahalgam attack Pakistan on Friday (July 18, 2025) claimed that it 'dismantled' the terrorist network and any effort to link the Pahalgam terror attack with the defunct Lashkar-e-Taiba (LeT) was against the reality. The Foreign Office made the remarks in a statement, a day after the U.S. designated The Resistance Front (TRF), a proxy of the Pakistan-based terror outfit LeT, as a 'foreign terrorist organisation' and a Specially Designated Global Terrorist for its involvement in the Pahalgam attack. 'Pakistan has effectively and comprehensively dismantled concerned outfits, arrested and prosecuted the leadership, and deradicalised its cadres,' the statement said. Syrian presidency announces comprehensive ceasefire after fighting in Druze area Syria's Islamist-led government said its internal security forces began deploying in Sweida on Saturday (July 19, 2025) as the presidency called on all parties to respect a ceasefire following bloodshed in the predominantly Druze area that has left hundreds dead. In a statement, the Syrian presidency announced an immediate and comprehensive ceasefire and urged all parties to commit to it and end hostilities in all areas immediately. The country's Interior Ministry spokesperson said earlier on Saturday (July 19, 2025) that internal security forces had begun deploying in Sweida, in southern Syria. South Korea former President Yoon Suk Yeol indicted again as martial law probe continues South Korea's jailed former President Yoon Suk Yeol was indicted on additional charges on Saturday (July 19, 2025) as a special prosecutor continues investigating him for his short-lived declaration of martial law in December. 'The new charges include obstruction of the exercise of others' rights by abuse of authority, ordering the deletion of records and blocking the execution of arrest warrants,' the prosecutor's office said in a briefing.
The Hindu
4 days ago
- Business
- The Hindu
India-EFTA trade pact to be implemented from October 1: Piyush Goyal
The Free Trade Agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on Saturday (July 19, 2025). The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of $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 October," Mr. Goyal said in a post on X. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of $100 billion — $50 billion within 10 years after the implementation of the agreement and another $50 billion in the next five years — which would facilitate the creation of 1 million direct jobs in India. This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far. The commitment is the key substance of the agreement, which took almost 16 years to conclude, for India in return for opening its markets for several products coming from the EFTA nations. The biggest trading partner of India in the bloc is Switzerland. India has low trade volumes with the remaining three countries. In the pact, India is offering 82.7% of its tariff lines or product categories, which cover 95.3% of EFTA exports, of which more than 80% of imports are gold. Domestic customers will get access to high-quality Swiss products, such as watches, chocolates, biscuits, and clocks, at lower prices as India will phase out customs duties under the trade pact on these goods over 10 years. In the services sector, the Commerce Ministry has earlier stated that India has offered 105 sub-sectors to the EFTA, like accounting, business services, computer services, distribution and health. On the other hand, the country has secured commitments in 128 sub-sectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from Iceland. Segments, where Indian services will get a boost, include legal, audio-visual, R&D, computer, accounting, and auditing. Further, the pact would provide an opportunity for domestic exporters to integrate into the EU (European Union) markets. Over 40% of Switzerland's global services exports are to the EU. Indian companies can look to Switzerland as a base for extending their market reach to the EU. India-EFTA two-way trade was $24.4 billion in 2024-25. On the tariff negotiations with the U.S., Mr. Goyal said, "Our negotiations strategy hinges on national interest. At no point of time will the Narendra Modi government ever allow national interest to be compromised". At the Assocham First Managing Committee Meeting FY2025-26 in Mumbai, the Minister said the world is recognising India's strength today, and added that "the world is recognising that talent and skill are in India". And that is what gives us that negotiation leverage". Stating that India is negotiating with advanced or developed countries, he said, "We are not trying to do trade deals or focus only on trade deals without competitors. We are looking at complementary economies". Later, talking to reporters on the sidelines of the event, Mr. Goyal said that countries which do not take care of their supply chains and ensure that supply chains are resilient will "suffer". "... I think India has huge domestic demand. We have imports coming into the country, which can be replaced by developing a domestic industry to scale for high-quality production," he noted. And ultimately, COVID taught us a big lesson, the minister said, adding that "the ban on the export of permanent magnets or fertiliser that has been imposed in the last few months teaches us a big lesson".
