FX.co ★ India-EFTA Trade Pact to Take Effect on October 1

India and the European Free Trade Association (EFTA) have finalized a free trade agreement set to be implemented on October 1, as announced by Switzerland and reported by the Economic Times. Notably, the agreement includes groundbreaking legally binding provisions on trade and sustainable development. EFTA is comprised of Iceland, Liechtenstein, Norway, and Switzerland. The Trade and Economic Partnership Agreement (TEPA) was officially signed on March 10, 2024. Within this framework, India has secured a significant investment commitment totaling USD 100 billion over a 15-year period. Specifically, USD 50 billion will be allocated within the first 10 years, with the remaining USD 50 billion to follow in the subsequent five years. This substantial investment is projected to create one million direct jobs in India, marking a significant milestone as the first such commitment in any of India's trade agreements.