India Signs Trade Agreement Worth $100 Billion with Four European Nations

India's $100 billion trade deal with European nations, promising job creation and economic growth. Learn more about this landmark agreement.

Mar 10, 2024 - 10:44
Mar 10, 2024 - 10:47
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India Signs Trade Agreement Worth $100 Billion with Four European Nations
India Signs Trade Agreement Worth $100 Billion with Four European Nations

India has recently entered into a trade agreement with Iceland, Liechtenstein, Norway, and Switzerland. The deal, signed on Sunday, entails a commitment of a whopping $100 billion investment and the creation of one million direct jobs within the Indian economy over the next 15 years, as announced by officials.

As part of the agreement, India has pledged to reduce import tariffs on industrial products from the four European countries forming the European Free Trade Association (EFTA).

The signing of this landmark agreement has been hailed as a momentous occasion, with both India and the EFTA anticipating substantial economic benefits. The accord aims to foster better-integrated and resilient supply chains, offering new opportunities for businesses and individuals on both sides. This is expected to lead to increased trade and investment flows, job creation, and overall economic growth, according to a statement from the EFTA.

India's Commerce and Industry Minister, Piyush Goyal, expressed his satisfaction with the agreement, emphasizing its significance as India's first pact with a major European economic bloc. He also noted that India is concurrently engaged in trade negotiations with Britain and the European Union.

The comprehensive agreement covers various sectors, including trade in goods and services, investment promotion, intellectual property, government procurement, trade, and sustainable development, along with dispute resolution mechanisms. Goyal highlighted that this pact would provide Indian exporters with enhanced access to European and global markets, thereby facilitating broader economic engagement.

The signing ceremony, held in New Delhi, witnessed the participation of several high-ranking officials, including Goyal, his Swiss counterpart 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, speaking on behalf of the EFTA member states, underscored the importance of the agreement, noting that EFTA countries stand to benefit from access to a significant growth market. He emphasized the need for diversifying supply chains to enhance resilience, with India poised to attract increased foreign investment from EFTA, leading to the creation of quality employment opportunities within the country.

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