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FTA between India-EFTA likely to come into force in next couple of months: Goyal
Jul-07-2025

Commerce and Industry Minister Piyush Goyal has said that the free trade agreement (FTA) between India and the four-nation European bloc EFTA (European Free Trade Association) is likely to come into force in the next couple of months.  The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.

The European Free Trade Association members are Iceland, Liechtenstein, Norway, and Switzerland. Talking about the government's initiative to promote manufacturing of quality products in the country, he said in the last 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to cut import of sub-standard goods into the country. Till 2014, only 14 such orders covering 156 products were issued. He said that huge opportunities are there for testing, inspection and certification business in India. 

He stated ‘We focused on high quality product manufacturing and it will help capture global markets’. He added India's exports growth demonstrates the country's good quality of goods and services that India offers to the rest of the world. He also said that the government is gradually promoting third-party certification. Besides, he suggested the industry identify areas where testing is required so that the government can set up more testing labs and appealed to larger industry bodies to support MSMEs in upgrading the quality of their products.


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