India / EFTA: signature of a free trade treaty
After signing an agreement with Australia (seeIndia / Australia: a comprehensive free trade agreement by the end of 2023) and then with the United Arab Emirates, India links with the EFTA countries, the European Free Trade Association (EFTA), which includes Switzerland, Liechtenstein, Norway and Iceland.
The talks will have been long, with 21 rounds of negotiations, but will have ended up with a number ofinteresting provisions. India was indeed committed toremove almost 95% of its import tariff barriers on products originating in EFTA.
This is a real opportunity for the EFTA countries and especially for Switzerland, which alone accounts for around 90% of EFTA exports to India. As Switzerland exports mainly products subject to high tariff rates when imported into India, this agreement will enable it to be more competitive in the eyes of Indian manufacturers and consumers. This is where the main interest of the Pact lies for the EFTA countries. The growing Indian middle class represents a particularly attractive market opportunity. According to the IMF (International Monetary Fund), India's economic growth could exceed 7 per cent in 2024 and per capita income could increase by more than 40 per cent by 2028, reaching $3,720.
India being announced as the future third world economic power (cf.India: Soon to be the third largest economic power in the world?), Switzerland, Liechtenstein, Norway and Iceland take a lead over the European Union, which, for its part, continues its negotiations with New Delhi, along with the United Kingdom.
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