India inked a free trade agreement (FTA) with the European Free Trade Association (EFTA) on Sunday, bringing in approximately $100 billion in investment, according to Trade Minister Piyush Goyal.
The news of the pact with the EFTA, which includes Norway, Switzerland, Iceland, and Liechtenstein, comes as India and the United Kingdom have been negotiating an FTA for the past two years, according to the article.
“This historic agreement demonstrates our commitment to accelerating economic growth and providing opportunities for our youth,” Prime Minister Narendra Modi said in a statement.
“The times ahead will bring more prosperity and mutual growth as we strengthen our bonds with EFTA nations,” he went on to say.
India will eliminate the most significant levies on industrial items from the four nations.The agreement, reached after nearly 16 years of discussions, includes machinery and production.
“The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets,” the European Free Trade Association (EFTA) said in a statement.
The agreement must now be ratified by India and the four EFTA countries before it can go into effect, which Switzerland plans to achieve by next year.
