Overview

• New Delhi will host a launch event at Bharat Mandapam with Commerce Minister Piyush Goyal and visiting EFTA ministers to mark the pact’s operational start.
• India will scrap duties on roughly 80–85% of imports from Iceland, Liechtenstein, Norway and Switzerland, while Indian goods gain duty-free access on about 99% of EFTA tariff lines, with sensitive areas such as agriculture and dairy excluded.
• The agreement carries a $100 billion investment commitment over 15 years from the EFTA countries, split into $50 billion in the first decade and $50 billion in the following five years, which the government says could create about one million direct jobs.
• Lower or zero duties will apply to several products including Swiss watches, chocolates, and cut and polished diamonds, according to government briefings.
• Switzerland dominates India’s trade with EFTA, with FY25 exports to the bloc at about $1.97 billion and imports at roughly $22.44 billion, of which Switzerland accounted for around $21.8 billion.