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Council of States approves free trade agreement with India
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Council of States approves free trade agreement with India
Keystone-SDA
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The Swiss Senate is in favour of a free trade agreement between the European Free Trade Association (EFTA) and India. It was the first Swiss parliamentary chamber to approve the deal.
In addition to Switzerland, the other EFTA member states are involved in the agreement: Iceland, Liechtenstein and Norway. Negotiations lasted around 16 years and a deal was signed in March.
India currently levies very high import duties on most goods. The agreement brings customs relief for 94.7% of current Swiss exports to the country, in some cases with transitional periods, said Swiss economics minister Guy Parmelin in September when presenting the dispatch to parliament.
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Explainer: Will the India-EFTA pact be a ‘game-changer’?
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A look at the key details behind the recent India-EFTA free trade agreement.
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