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NEW DELHI—India on Sunday signed trade agreements with Iceland, Liechtenstein, Norway and Switzerland, including a commitment to invest $100 billion in India and create 1 million direct jobs over the next 15 years. Officials announced that.
India has pledged to reduce import duties on industrial products from the four European countries that make up the European Free Trade Association (EFTA).
“The landmark agreement between India and EFTA will result in more integrated and resilient supply chains, new opportunities for businesses and individuals on both sides, increased trade and investment flows, job creation, economic growth and more. , it will bring significant economic benefits,” the EFTA communiqué said.
India’s Commerce and Industry Minister Piyush Goyal said this is the first time India has signed an agreement with an important European economy. India is also working on trade deals with the UK and the European Union.
The agreement covers trade in goods and services, investment promotion and cooperation, intellectual property, government procurement, trade and sustainable development, and dispute resolution. In his statement, Goyal said it will be a gateway for Indian exporters to access European and global markets.
The agreement was signed in New Delhi by Goyal, Switzerland’s Guy Palmerin, Iceland’s Foreign Minister Bjarni Benediksson, Liechtenstein’s Foreign Minister Dominik Hasler and Norway’s Trade and Industry Minister Jan Christian Vestre.
Speaking on behalf of the EFTA countries, Mr Parmelin said: “EFTA countries have gained market access to key growth markets. We are working to diversify our supply chains while increasing their resilience. In return, India will attract more foreign investment from EFTA, which will ultimately lead to more good jobs.”
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