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.

"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.