India-EFTA trade pact may be implemented in the next couple of months    

The free trade agreement between India and the four-nation European bloc EFTA is likely to come into force in the next couple of months, according to Commerce and Industry Minister Piyush Goyal.

The two sides signed the Trade and Economic Partnership Agreement (TEPA) 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, including cut and polished diamonds, at lower or zero duties.

Goyal added that huge opportunities are there for testing, inspection and certification business in India, as the government is gradually promoting third-party certification. He suggested that the industry should identify areas where testing is required so that the government can set up more testing labs and appealed to larger industry bodies to support MSMEs in upgrading the quality of their products.