India and the four member states of the European Free Trade Association (EFTA) have signed a $100 billion agreement to foster investments and exports, officials announced on Sunday.
Indian Trade Minister Piyush Goyal stated that the agreement involves a commitment by the EFTA, comprising countries outside the European Union, to invest $100 billion in India over the next 15 years.
The EFTA members include Iceland, Liechtenstein, Norway, and Switzerland.
Goyal, following the signing in New Delhi, highlighted that the Economic and Trade Partnership Agreement between India and EFTA marks a historic milestone in their expanding partnership.
He expressed optimism that the agreement would pave the way for mutual growth and prosperity by boosting exports, encouraging investment, and creating job opportunities.
The agreement comes after numerous rounds of negotiations spanning 16 years. Prime Minister Narendra Modi emphasized that the trade agreement symbolizes the shared commitment to open, fair, and equitable trade.
Swiss Economy Minister Guy Parmelin welcomed the agreement, stating it would allow for better utilization of economic potential and create additional opportunities for India and the EFTA countries.
He remarked from the Indian capital that EFTA countries would gain access to a significantly growing market, while India would attract more foreign investment from EFTA, ultimately leading to an increase in high-quality jobs.
The European Free Trade Association was established in 1960 to promote free trade and economic integration among its members. In 2021, it was the world’s tenth-largest trade organization in terms of goods and eighth in terms of services.
