India and the European EFTA block sign a free trade agreement of 100 billion dollars

India and the four-member European EFTA trading bloc, including Norway and Switzerland, on Sunday signed a free trade agreement worth $100 billion to promote investment and exports, officials said.

The deal will allow the European Free Trade Association (EFTA), made up of non-EU countries including Iceland and Liechtenstein, to invest $100 billion over 15 years in India, the world’s fifth-largest economy, it said. the Minister of Commerce of India, Piyush Goyal.

“The Trade and Economic Partnership Agreement (TEPA) between India and EFTA marks a historic milestone in our growing partnership,” Goyal said after the signing in New Delhi.

The agreement will “pave the way for mutual growth and prosperity” by boosting exports, promoting investment and creating jobs, he added.

The agreement was signed after several rounds of negotiations spanning 16 years.

Indian Prime Minister Narendra Modi said the trade deal “symbolizes our shared commitment to open, fair and equitable trade,” according to a statement read at the signing ceremony.

Swiss Economy Minister Guy Parmelin said the agreement “will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA states.”

“EFTA countries gain access to an important growing market…India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs,” he added, speaking in New Delhi.

The EFTA was created in 1960 to promote free trade and economic integration among its members. In 2021, it was the tenth largest global trader in terms of merchandise and the eighth largest in services.

In recent years, India has signed trade agreements with Australia and the United Arab Emirates. The much-talked-about trade deal with Britain is also said to be in the final stages.