Photo: Collected
India and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland, signed a trade agreement on Sunday (10 March) to reduce tariffs on key imports in return for long-term investments.
"Delighted to sign the India-EFTA Trade & Economic Partnership Agreement, yet another pact of progress for our nation. This watershed agreement ... marks the dawn of a new era of prosperity and mutual growth as we embark on a journey of renewed cooperation with the European Free Trade Association nations," said Indian Commerce and Industry Minister Piyush Goyal.
The deal will provide New Delhi with $100 billion in investment commitments over the next 15 years, the minister said signing the deal.
"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 agreement further aims to facilitate and promote investment opportunities between the Parties," the EFTA said in a news release.
The agreement consists of 14 chapters covering trade in goods, rules of origin and intellectual property rights, as well as trade in services and several other areas.
The EFTA is an intergovernmental organization for the development and intensification of free trade, which was founded as an alternative for states that do not want to join the European Union.
India and the EFTA had been negotiating the agreement since January 2008. Thirteen rounds of negotiations were held until November 2013 before the talks were suspended. The two sides resumed negotiations in October 2023 and fast-tracked the deal's adoption.
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