India-EFTA trade deal: Swiss Federal Council begins ratification process

Switzerland's federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process.

The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and Liechtenstein, aims at expanding trade across a range of areas, including pharmaceuticals, manufacturing, new technologies and machinery.

Under the mega trade deal, the four European countries are looking at making an investment of USD 100 billion in India over the next 15 years.

Each of the signatory countries will have to ratify the pact for its roll out.

On Wednesday, the Federal Council adopted a dispatch on the free-trade agreement between the EFTA states and India, the Swiss government said in a statement.

The Federal Council, which is the Swiss federal cabinet, is the highest executive authority in the country.

The Swiss Parliament is expected to debate the ..