India signed the agreement with EFTA member states on 10 March 2024.

The trade and economic partnership agreement between the European Free Trade Association (EFTA) member states (Iceland, Liechtenstein, Norway, and Switzerland) and India will enter into force on 1 October 2025.

Under the agreement, India has secured an investment commitment of USD 100 billion over 15 years from the EFTA bloc. This includes USD 50 billion within the first 10 years of the pact’s implementation and an additional USD 50 billion over the following five years. The investment is expected to generate 1 million direct jobs in India. In exchange, India will reduce or eliminate import duties on several goods from EFTA countries, including Swiss watches, chocolates, and cut and polished diamonds.

India signed the trade and economic partnership agreement with the European Free Trade Association (EFTA) on 10 March 2024, which took nearly 16 years to finalise.