India-EFTA: India and the European Free Trade Association (EFTA) members Iceland, Liechtenstein, Norway, and Switzerland sealed a landmark $100 billion free trade pact, promising significant benefits for Indian workers eyeing opportunities in Europe. The agreement, slated to commence in a few months, entails relaxed visa regulations for Indian nationals.
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Switzerland, in particular, has pledged to liberalize access to 120 out of 156 services, spanning audit, legal, IT, and healthcare sectors, facilitating smoother entry for Indian companies. Notably, this includes eased visa rules for workers and professionals from India.
Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, emphasized the focus on legal services and committed to facilitating various visa categories, including business, inter-corporate, and independent professional visas. The agreement also marks a groundbreaking provision for accompanying spouses on inter-corporate transfers.
Despite a rejection rate of 13.2% for Indian visa applications in 2022, Switzerland aims to streamline visa processes under the new pact, enhancing bilateral mobility.
Furthermore, Indian consumers stand to benefit from increased access to premium Swiss products like watches, chocolates, and clocks at reduced prices, as India gradually phases out customs duties on these items.
However, the agreement’s implementation may take up to a year due to the intricate ratification process across participating countries.
Overall, the India-EFTA trade pact signals a promising avenue for enhanced economic collaboration, paving the way for mutually beneficial partnerships between India and European nations.
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