India on Sunday signed a trade agreement with Iceland, Liechtenstein, Norway and Switzerland that includes a commitment of US$100 billion in investments and creating 1 million direct jobs in the South Asian nation in the next 15 years.
New Delhi committed to reducing import tariffs on industrial products from the four European countries that comprise the European Free Trade Association (EFTA).
“The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth,” an EFTA communique said.
Photo: AFP / Indian Press Information Bureau
Indian Minister of Commerce and Industry Piyush Goyal said India for the first time had signed an agreement with an important economic bloc in Europe.
The country is also working on trade pacts with the UK and the EU, he said.
The trade pact with the EFTA includes trade in goods and services, investment promotion and cooperation, intellectual property, government procurement, trade and sustainable development and dispute settlement.
It would provide a window for Indian exporters to access European and global markets, Goyal said in a statement.
The agreement was signed in New Delhi by Goyal, Swiss Department of Economic Affairs head Guy Parmelin, Iceland Minister of Foreign Affairs Bjarni Benediktsson, Liechtenstein Minister of Foreign Affairs Dominique Hasler and Norwegian Minister of Trade and Industry Jan Christian Vestre.
Parmelin, speaking on behalf of the EFTA member states, said: “EFTA countries gain market access to a major growth market. Our companies strive to diversify their supply chains while rendering them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs.”
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