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The four European nations group EFTA has committed to investing USD 100 billion under a trade pact with India and these investments are expected to flow into sectors such as infrastructure, manufacturing, and pharma, Parliament was informed on Tuesday.

India and the European Free Trade Association (EFTA) signed the trade deal on March 10, 2024. It will come into effect from October 1.

Under the pact, India has received an investment commitment of USD 100 billion 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 investments are anticipated to flow into key sectors such as infrastructure and connectivity, manufacturing, machinery, pharmaceuticals, chemicals, food processing, transport and logistics, banking and financial services, insurance, and renewable energy," Commerce and Industry Minister Piyush Goyal said in a written reply to the Lok Sabha.

The government has established robust facilitation mechanisms to streamline the inflow of EFTA-linked investments.

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

Replying to a separate question, Minister of State for Commerce and Industry Jitin Prasada said while the US had announced reciprocal tariff of 26 per cent on certain Indian exports, including seafood, to the US, the same has not been implemented.

Currently, the US has imposed an additional 10 per cent duty on seafood imports irrespective of country of origin, including on imports from India and Ecuador.

The US has also imposed 25 per cent tariff on imports of automobiles and certain automobile parts from all countries including from India.

While the tariffs on automobiles have been in effect since April 3, 2025, the tariffs on automobile parts have been in effect since May 3, 2025.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)