According to details outlined in the agreement documents, wines imported from EFTA countries will witness duty concessions akin to those extended to Australia. Notably, there will be no concessions for wines priced below USD 5. However, for wines priced between USD 5 and USD 15, a gradual reduction in duties from 150% to 50% over a decade is anticipated.

"Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods," the Swiss government said in a statement.

"The Trade and Economic Partnership Agreement (TEPA) between India and EFTA covers wide-ranging matters such as trade in goods and services, rules of origin, intellectual property rights (IPR), investment promotion, trade facilitation, and sustainable development," a source elaborated.

"This is the first FTA for India where it has been able to get a commitment on investment and employment from the partner nations. The EFTA countries are looking at investing in joint ventures in areas such as pharmaceuticals, especially medical devices, certain chemicals, food processing, and engineering products," disclosed an official closely monitoring the negotiations.