India Establishes EFTA Desk

On 10th February 2025, India set up a dedicated European Free Trade Association (EFTA) Desk to facilitate trade, investment, and business collaboration between India and the four EFTA nations—Iceland, Liechtenstein, Norway, and Switzerland.

Key Points

Free Trade Agreement: India and EFTA signed the Trade and Economic Partnership Agreement (TEPA) on 10th March 2024, which is expected to come into effect by the end of 2025.
Investment Commitment: EFTA has pledged $100 billion investment in India over 15 years, making it the first trade deal with such an investment guarantee.
Lower Tariffs on Imports: The pact allows reduced or zero duties on Swiss watches, chocolates, cut and polished diamonds, and other key products.
EFTA Desk’s Role: The desk will serve as a centralized support system for EFTA businesses looking to expand in India, providing market insights, regulatory guidance, and policy navigation assistance.
High-Level Business Roundtable: The roundtable is scheduled in which over 100 Indian and EFTA businesses will participate in discussions on joint ventures and investment opportunities in pharma, life sciences, financial services, fintech, engineering, energy, seafood, maritime, food processing, and agritech.
Growing Trade Relations: India-EFTA trade rose to $24 billion in 2023-24, up from $18.65 billion in 2022-23. Switzerland is the largest EFTA trading partner and investor in India, contributing $10.72 billion in FDI between April 2000 and September 2024.