India signs $100bn free trade deal with European EFTA bloc
Al Jazeera
India to lift import tariffs for several industrial products from four-nation group in return for 15-year investment.
India has signed a $100bn free trade agreement with a four-member European bloc and will lift most import tariffs on industrial products from these countries in return for the investment over 15 years.
The deal signed on Sunday with the European Free Trade Association (EFTA) – after several rounds of negotiations spanning 16 years – will see investments across a range of Indian sectors, including pharmaceuticals, machinery and manufacturing.
The EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein, all non-European Union nations, that will get access to a fast-growing market of 1.4 billion people, said India’s Minister for Commerce and Industry Piyush Goyal.
“The India-EFTA Trade and Economic Partnership Agreement [TEPA] marks a historic milestone in our growing partnership,” Goyal said after the signing in New Delhi.
It “will pave the path for mutual growth and prosperity” by boosting exports, promoting investment and creating employment, he added.
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