Exciting news! India and the European Free Trade Association (EFTA) members – Iceland, Liechtenstein, Norway, and Switzerland – have signed a groundbreaking free trade agreement worth an astonishing $100 billion! And that’s not all, the agreement also comes with relaxed visa requirements for Indian workers. This is great news for everyone involved and a significant step forward towards stronger international trade relations.
Switzerland has agreed to open up 120 of 156 services, including audit, legal, IT, and healthcare for Indian companies under the Trade and Economic Partnership Agreement (TEPA). The agreement also includes easier visa rules for Indian workers and professionals. However, Switzerland rejected 13.2% of all visa applications filed by Indian nationals in 2022.
The agreement also benefits domestic customers in India as they will have access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties on these goods over time.
Under the TEPA agreement, India has permitted tariff concession on various Swiss products. The implementation will take up to a year due to the ratification process. Several services, including legal, IT, and healthcare, will be open for Indian companies in Switzerland, with relaxed visa rules for workers and professionals from India. The agreement will come into effect in a few months.
In an interview with TOI, Swiss state secretary for economic affairs Helene Budliger Artieda said, “it is all about creating legal services.”
There is a commitment on visas, on business visas, inter-corporate visas and visas for independent professionals, she said.
“We are also allowing spouses on inter-corporate transfers, which is a first. We also have a provision on recognition of professional diplomas, although we couldn’t go as far as India wanted,” she added.
Schengen Statics showed that Switzerland rejected 13.2% of visa applications from Indian nationals in 2022, but over 100,000 applications received a positive response. Meanwhile, a new pact will give Indian customers access to Swiss products like watches and chocolates at lower prices, as India phases out customs duties on these goods over time. The agreement will take up to a year to implement due to the ratification process in different countries.
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