On March 10, India signed a trade agreement with the European Free Trade Association (EFTA) countries: Iceland, Liechtenstein, Norway, and Switzerland.
Here are a few key points about this trade agreement:
– It includes a commitment of $100 billion investment from the EFTA countries into India over the next 15 years, aimed at creating 1 million direct jobs in India.
– India has committed to reducing import tariffs on industrial products from the EFTA countries.
– The agreement covers areas such as trade in goods/services, investment, intellectual property, government procurement, sustainable development, and dispute settlement.
– The deal aims to better integrate supply chains, create new opportunities for businesses, increase trade/investment flows, and promote economic growth for both sides.
– For India, it provides better access for Indian exporters to European and global markets.
– For EFTA, it allows their companies to access the major Indian growth market and diversify/strengthen their supply chains.
– Officials from both sides highlighted the economic benefits, including more jobs, foreign investment into India, and overall increase in two-way trade and economic cooperation.
The deal signals closer economic ties between India and the European Free Trade bloc as India continues pursuing new trade agreements with other partners such as Britain and the EU.
