EFTA comprises Iceland, Liechtenstein, Norway and Switzerland.
Switzerland has assured that the suspension of the MFN clause in its Double Taxation Avoidance Agreement with India will not decelerate ratification of the India-EFTA Trade and Economic Partnership Agreement.
Despite concerns over potential negative impacts, the Swiss embassy in India confirmed the decision would not disrupt the trade pact’s progress nor adversely affect bilateral investments.
Despite concerns over potential negative impacts on Swiss investments and the implementation of higher taxes on Indian companies having operations in Switzerland, the Swiss embassy in India confirmed that the decision would not disrupt the trade agreement’s progress, nor adversely affect bilateral investments, a news agency reported.
Signed in March, TEPA includes a significant investment commitment to India, promising $100 billion over 15 years, and is expected to create around a million direct jobs in India.
The Swiss have invested $10.72 billion in India between April 2000 and September this year.
India’s imports from Switzerland in fiscal 2023-24 were worth $21.24 billion, while its exports to there were worth $1.52 billion, leading to a trade deficit of $19.72 billion.
Fibre2Fashion News Desk (DS)
