Almost 16 years after negotiations began, India has signed a free trade agreement with the Efta states. The agreement is expected to trigger investments in India of $100 billion over the next 15 years. The agreement is intended to eliminate the majority of tariffs on industrial products that India imports from Switzerland.
Economics Minister Guy Parmelin had already traveled to Mumbai in January to lead an Efta delegation at the short notice of an invitation from his counterpart Piyush Goyal. The Department of Economic Affairs subsequently announced that the questions regarding controversial patent protection had also been clarified in the basic principles. At the same time, the WBF announced at the time that a new investment promotion chapter would also be part of the agreement, for which India was still supplying the finalized text.
The free trade agreement has now been concluded after more than 16 years of negotiations. The agreement between the Efta states Switzerland, Norway, Iceland and Liechtenstein provides for investments of over 100 billion francs in India in the coming years, as Indian Economics Minister Piyush Goyal explained on Sunday. It is a modern and fair trade agreement – and a win for all countries involved.
Parmelin: Milestone
This is a significant milestone in Swiss trade policy, said Economics Minister Guy Parmelin. India’s economy is one of the fastest growing in the world. The Indian market offers many opportunities for trade and investment.
The agreement aims to eliminate the majority of tariffs on industrial products that India imports from Switzerland. It also brings more legal certainty for companies from Switzerland. The Swiss Parliament still has to approve the free trade agreement.