India will start free trade with countries like Switzerland and Norway from today, these goods will become cheaper.

News Topical, Digital Desk : India signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) in March last year, which will come into effect from October 1. With this, Indian goods can now be exported to the four EFTA countries: Switzerland, Norway, Iceland, and Liechtenstein, either duty-free or at significantly reduced duties.

Under TEPA, these countries will also invest $100 billion in India in the next 15 years, which will create 1 million jobs. $50 billion will be invested in the first ten years and another $50 billion in the next five years. With the implementation of the trade agreement with these countries from Wednesday, export of items like Indian food items, gems and jewellery, garments, leather items, footwear, engineering goods, marine products, sports goods and toys, chemicals products, plastic products, electronics and software will get a boost.

Swiss watches will be cheaper

Professionals in architecture, IT, accounting, and other sectors will also have the opportunity to work in these countries. Duties have been reduced on items like Swiss watches and chocolate, making these goods available in India at lower prices than before. However, no duty exemptions have been granted on sensitive items like gold, agricultural products, dairy, soy, and pharmaceuticals.

Economic experts say that even though the size of the economy of these four countries, including Switzerland and Norway, is small, their per capita income is quite high, due to which the potential for sale of goods here is very high. Switzerland's per capita income is more than one lakh dollars, while Norway's is 90,000 dollars. After the trade agreement, Indian farmers will get the opportunity to export Basmati and non-Basmati rice, guar gum, pulses, grapes, mangoes, vegetables and millets, cashew nuts and other processed items to these countries.

Exporters say that after imposing 50 percent duty on Indian goods in America, there is a possibility of export of items like garments, footwear, gems and jewellery being affected, but with the facility of duty free export to AFTA countries from October 1, there is every hope of increase in exports to these countries.

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