India, EFTA trade pact under ratification process: MoS Jitin Prasada

The government on Friday said the free trade agreement signed between India and the four European nation bloc EFTA in March is under the ratification process in those countries.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that there is no fixed time frame for the ratification, as the process is different in each of the EFTA (European Free Trade Association) countries.

In March, India and EFTA signed a Trade and Economic Partnership Agreement (TEPA).

Under the pact, India will receive the investment in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

The EFTA members are Iceland, Liechtenstein, Norway and Switzerland.

"The TEPA agreement is under the ratification process in the national parliament or legislature of each EFTA country," Prasada said.

In India, such trade pacts are approved by the Union Cabinet.

According to the