India has inked a Free Trade Agreement (FTA) with a consortium of four European countries outside the European Union. The agreement was formalized in New Delhi, India’s capital, yesterday (10).
According to the trade minister, this pact with the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland, and Liechtenstein, is anticipated to usher in investments worth $100 billion (£77.8 billion) into India within a span of 15 years. Foreign media outlets note that this development comes amid ongoing negotiations between the United Kingdom and India regarding a free trade agreement over the past two years. The agreement is anticipated to be ratified by the EFTA countries through their respective parliamentary procedures, likely by the end of the current year.
The primary objective of this agreement is to stimulate investment and enhance trade in goods and services between the two contracting parties. Furthermore, it is reported to facilitate the creation of one million direct employment opportunities for India’s youth workforce, foster technology collaboration, bolster industrial exports, and offer tariff concessions pertaining to agricultural and processed food items to bolster India’s exports.
