India-EFTA Trade Pact with the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Iceland, and Liechtenstein—is set to come into force in the next couple of months, informed Commerce and Industry Minister Piyush Goyal.
The Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024. It marks a significant milestone in India’s global trade ambitions. As part of the deal, EFTA has committed $100 billion in investments over 15 years in exchange for tariff concessions from India on high-value products such as Swiss watches, chocolates, and cut and polished diamonds. “I think it should come into effect, I believe, in the next couple of months,” Goyal stated at an event hosted by SGS India.
Focus on Quality Control and Import Regulation
Goyal emphasized the government’s commitment to promoting high-quality manufacturing across sectors. Over the past decade, the ministry has issued 156 Quality Control Orders (QCOs) covering 672 products, designed to curb the inflow of substandard imports. In comparison, the government introduced only 14 QCOs covering 156 products before 2014.
The minister said the government is tightening regulations to ensure Indian manufacturing meets global standards and boosts exports and credibility.
Strengthening Testing and Certification Infrastructure
Goyal highlighted the growing importance of the testing, inspection, and certification sector. He noted that India must develop a strong ecosystem for third-party quality verification. He encouraged industry stakeholders to identify gaps in testing infrastructure and support the government in upgrading facilities. “We are focusing on high-quality product manufacturing to help Indian industries tap into global markets,” he said.
Call to Industry: Support MSMEs in Quality Enhancement
In a direct appeal to large industry bodies, Goyal urged them to assist MSMEs in enhancing product quality and adhering to global standards. He stressed that third-party certification and robust testing protocols are essential to sustaining India’s export momentum. These measures also play a crucial role in maintaining consumer trust worldwide.
A Step Towards Global Trade Leadership
The India-EFTA Trade Pact, once implemented, will unlock new market opportunities and attract large-scale investments. It will also reinforce India’s position as a reliable manufacturing and export hub.
As reported by msn.com, the government is making a strategic push toward quality assurance and regulatory upgrades. This effort is laying the groundwork for sustainable, high-value growth across the Indian economy.
