The Swiss Senate has unanimously approved a free trade agreement between the European Free Trade Association (EFTA) and India, making it the first parliamentary chamber to endorse the deal.

This marks a significant step in the legislative process, and the agreement will now proceed to the National Council for further consideration. Negotiations for the agreement took approximately 16 years and resulted in a deal signed in March.

The pact is expected to provide customs relief for 94.7% of current Swiss exports to India, which has historically imposed high import duties on various goods. The agreement includes transitional periods to facilitate smoother trade relations between the two parties. This agreement is set to benefit the EFTA, which includes Switzerland, Iceland, Liechtenstein, and Norway, by enhancing trade opportunities and economic collaboration with India.