Switzerland Greenlights Historic Trade Pact with India and EFTA

Tiruppur has received orders for a range of knitted garments, such as kids’ wear, nightwear, tops, and pyjamas from these international brands over the last fortnight.

Switzerland’s federal cabinet has approved the trade pact between India and the European Free Trade Association (EFTA), which includes Norway, Switzerland, Iceland, and Liechtenstein. The agreement is now pending parliamentary ratification.

Signed in March, this comprehensive trade pact aims to enhance trade in textiles, pharmaceuticals, manufacturing, and new technologies, with an anticipated investment of $ 100 billion in India over the next 15 years. It is expected to significantly reduce tariffs and trade barriers, especially benefiting Swiss exports to India.

The Swiss government noted that despite high import duties, India’s growing middle class offers substantial growth opportunities. The deal also features a section on investment promotion and cooperation, and seeks to establish a model for sustainable trade development. The Swiss Parliament will consider the agreement in its upcoming sessions.