Swiss wines and chocolates are set to become cheaper in India after a new trade agreement it signed with a bloc of four developed European nations came into effect on Wednesday.
India signed the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) - which includes Switzerland, Norway, Iceland and Liechtenstein - in March 2024.
Under the agreement, India will cut tariffs on 80–85% of goods coming from these countries to zero, while Indian exporters will get duty-free access to 99% of goods in EFTA markets.
The two sides have also committed to invest $100bn and create a million direct jobs over the next 15 years as part of the deal.
This is India's first trade agreement where market access is directly tied to these investment pledges.
