India signs a trade accord with 4 European nations for $100 billion investment over 15 years
New Delhi, INDIA (AP) — India signed a trade agreement with Iceland, Liechtenstein, Norway and Switzerland on Sunday that includes a commitment of $100 billion investment and creating 1 million direct jobs in India in the next 15 years, officials said.
India on its part committed to reducing import tariffs on industrial products from the four European countries that comprise the European Free Trade Association, or 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.
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India’s Commerce and Industry Minister Piyush Goyal said India for the first time had signed an agreement with an important economic bloc in Europe. India is also working on trade pacts with Britain and the European Union.
The agreement includes trade in goods and services, investment promotion and cooperation, intellectual property, government procurement, trade and sustainable development, and dispute settlement. It will 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 Mr. Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt. of India with Switzerland’s Guy Parmelin, Iceland’s Foreign Minister Bjarni Benediktsson, Liechtenstein’s Foreign Minister Dominique Hasler, and Norway’s Trade and Industry Minister Jan Christian Vestre.
Parmelin, representing the EFTA member states, highlighted that “EFTA countries gain access to a significant growth market. Our companies aim to diversify and strengthen their supply chains. In return, India stands to attract more foreign investment from EFTA, leading to the creation of additional quality jobs.”