India and the European Free Commerce Affiliation (EFTA) signed the commerce deal on March 10, 2024. It'll come into impact from October 1.
Beneath the pact, India has acquired an funding dedication of USD 100 billion in 15 years from the grouping whereas permitting a number of merchandise, similar to Swiss watches, sweets, and minimize and polished diamonds, at decrease or zero duties.
“The investments are anticipated to move into key sectors similar to infrastructure and connectivity, manufacturing, equipment, prescription drugs, chemical compounds, meals processing, transport and logistics, banking and monetary companies, insurance coverage, and renewable vitality,” Commerce and Trade Minister Piyush Goyal stated in a written reply to the Lok Sabha.
The federal government has established sturdy facilitation mechanisms to streamline the influx of EFTA-linked investments.
The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. Replying to a separate query, Minister of State for Commerce and Trade Jitin Prasada stated whereas the US had introduced reciprocal tariff of 26 per cent on sure Indian exports, together with seafood, to the US, the identical has not been applied. At present, the US has imposed a further 10 per cent responsibility on seafood imports no matter nation of origin, together with on imports from India and Ecuador.
The US has additionally imposed 25 per cent tariff on imports of vehicles and sure car components from all nations together with from India.
Whereas the tariffs on vehicles have been in impact since April 3, 2025, the tariffs on car components have been in impact since Could 3, 2025.
