India Inks Landmark $100 Billion Free Trade Deal With European Trade Group

New Delhi: India has inked a landmark free trade agreement worth $100 billion with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. The pact aims to bolster investments and exports, particularly in key sectors like IT, audio-visual, and skilled professional mobility.

According to reports, the agreement entails a substantial investment commitment of $50 billion over the initial decade post-implementation, with an additional $50 billion over the subsequent five years from EFTA members. The objective is to create one million direct jobs in India through these investments.

The comprehensive agreement, negotiated since January 2008, spans 14 chapters covering various aspects such as trade in goods, services, investment promotion, intellectual property rights, and trade facilitation.

Union Minister Piyush Goyal, quoting Prime Minister Narendra Modi, emphasized the complementary nature of the economies involved, foreseeing mutual benefits. Goyal highlighted India’s commitment to facilitating industry and businesses to not only meet but surpass the agreed targets.

The minister hailed the signing ceremony as a significant milestone after nearly 15 years of diligent negotiations. He noted the auspicious timing, coinciding with the celebration of 75 years of diplomatic ties with Switzerland and International Day of Awesomeness.