India submits ratification document of TEPA with European Free Trade Association
India on Tuesday submitted the ratification document of the free trade agreement with the four-European nation bloc EFTA to Norway.
The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), will be implemented from October 1, Commerce and Industry Minister has said on Saturday. "India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA," according to a post by the Indian Embassy in Norway on X. The two sides signed the agreement on March 10, 2024.
Under the pact, India has received an investment commitment of USD 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 (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
