The pact, formally dubbed as Commerce and Financial Partnership Settlement (TEPA), can be applied from October 1, Commerce and Business Minister Piyush Goyal has stated on Saturday.
“India deposited the Instrument of Ratification of the TEPA between India and EFTA right this moment on the Ministry of Overseas Affairs of Norway, which is the depository entity of TEPA,” in response to a publish by the Indian Embassy in Norway on X.
The 2 sides signed the settlement on March 10, 2024.
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, equivalent to Swiss watches, candies, and lower and polished diamonds, at decrease or zero duties.
The European Free Commerce Affiliation (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
