India Signed $100 Billion Free Trade Deal with Four European Nations
New Delhi: Ahead of the general elections, India has finalised a landmark free trade agreement (FTA) with four European nations. Norway, Switzerland, Iceland, and Liechtenstein, as part of the European Free Trade Association (EFTA), have inked a significant deal worth $100 billion with India.
The culmination of this agreement follows 16 years of negotiations between the two parties. Under the terms of the pact, India will waive import duties on various industrial products, including pharmaceuticals, machinery, and manufacturing items, sourced from these four countries, in exchange for 15 years of investments.
This FTA adds to India’s growing portfolio of trade agreements, including those signed with Australia and the UAE two years ago. Concurrent negotiations for an FTA with the UK have been ongoing for the past two years. However, amidst speculations that Britain might finalise an FTA with India before its elections, no such agreement materialised, despite hints from UK’s trade minister, Kemi Badenoch, last week.
In a statement, Prime Minister Narendra Modi emphasised that this agreement signifies a commitment to fostering opportunities for the youth alongside economic advancement. He further highlighted that the strengthened ties with EFTA countries are poised to usher in increased prosperity and development for India.
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