India signs trade agreement with EFTA

India and the European Free Trade Association (EFTA), a group consisting of Iceland, Liechtenstein, Norway, and Switzerland, signed a free trade agreement on 10th March. India –EFTA trade agreement aims to promote investments and advance trade in goods and services between both sides.

On the India-EFTA FTA agreement, liquor industry body CIABC said that the deal will help push the growth of the domestic wine industry. As per a report, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5 .

This is India's fourth such agreement since 2014 after India’s trade agreement with Mauritius, the UAE, and Australia. EFTA, though not part of the European Union (EU), is an organization that promotes free trade among its member countries.