The government of India has signed a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA), which comprises of Norway, Switzerland, Iceland, and Liechtenstein. Under this deal, India will lift most import tariffs on industrial goods from the four countries in return for investments over a 15 year period amounting to $100 billion USD.
The investments are expected to be made across a range of industries, including pharmaceuticals, machinery, and manufacturing. It would boost India’s economy, provide employment opportunities, as well as enhances market access and simplify custom procedures to strengthen the bond with the EFTA.
The report further mentions that the agreement comes after almost 16 years of negotiations, and India and the four EFTA nations need to approve the agreement before it can take effect.
