New Delhi: The government on Sunday said that the four-nation bloc, European Free Trade Association (EFTA), have agreed to invest $100 billion in India as part of the free-trade agreement. With the mega investment, India is expected to lift most import tariffs on industrial products from the four European countries. However, India clinched the deal with the four-member EFTA nations, namely Iceland, Liechtenstein, Norway, and Switzerland after holding 21 rounds of talks over 16 years for this broad-based trade and investment agreement.
As Prime Minister Narendra Modi aims for annual exports of $1-trillion by 2030, India has been working on a trade and economic partnership agreement or TEPA with EFTA countries for a long time. The Union cabinet has also approved signing of the TEPA with EFTA states. “It is a momentous occasion. The signing of the trade and economic partnership agreement with the European Free Trade Association marks the culmination of nearly 15 years of hard work and tremendous effort,” said Piyush Goyal, minister of commerce and industry, food and consumer affairs and textiles.
The minister further elaborated, saying that the trade agreement symbolises our shared commitment to open fair, equitable trade, as well as generate growth and employment for the youth. “The global leadership of EFTA countries in research and development across diverse spheres such as digital trade, banking and financial services, transport and logistics, industrial machinery, biotechnology, pharmaceuticals, chemicals, food processing, and clean energy will open up new doors of collaboration,” he added.
Mr Goyal also said that this is the new India that we would wish to offer all our friends of the EFTA countries. "It is a resurgent India, an India that believes in the world being one family. The agreement will give a boost to Make-in-India and provide opportunities to young & talented workforce in the country. The FTA will provide a window to Indian exporters to access large European and global markets," the minister said.
