[ad_1]
Shri Piyush Goyal, Minister of Commerce, Industry, Consumer Affairs, Food, Public Distribution and Textiles of India, spoke to the media about trade relations between the EU and India. India will waive tariffs on industrial products from four European countries on the condition that they invest $100 billion over 15 years, ending nearly 16 years of negotiations.
Thierry Monas | Getty Images News | Getty Images
India’s trade minister signed an economic agreement on Sunday ending nearly 16 years of negotiations, under which India will eliminate most import duties on manufactured goods from four European countries in exchange for $100 billion in investments over 15 years. Announced.
The deal follows trade deals with Australia and the United Arab Emirates over the past two years, but officials say Prime Minister Narendra Modi is aiming for $1 trillion in exports a year by 2030 and that he is working with Britain and the United Arab Emirates. The agreement is also in the final stages.
Trade Minister Piyush Goyal envisages that the European Free Trade Association, made up of Switzerland, Norway, Iceland and Liechtenstein, will invest $100 billion over 15 years in India’s fast-growing market of 1.4 billion people. He said that
The Swiss government said in a statement that India will eliminate or partially eliminate extremely high tariffs on 95.3% of industrial imports from Switzerland, excluding gold, either immediately or over time.
“Norwegian companies exporting to India currently face high import taxes of up to 40% on certain products,” Industry Minister Jan Christian Bestre said in a separate statement.
“The new agreement allows us to pay zero import taxes on almost all Norwegian products.”
Goyal said the deal also includes several new elements, such as intellectual rights and gender equality, adding: “This is a modern trade agreement, fair and just and a win-win for all five countries. “It is,” he said at a press conference.
The five signatories must ratify Sunday’s agreement before it enters into force, with Switzerland expected to do so by 2025.
The news was announced ahead of a general election due by May, where Prime Minister Modi is seeking a record third term.
Indian government officials have promised to reduce the “concession tariff” on gold from 40% to 39%, but they do not expect any major impact on gold imports from Switzerland, which were estimated at $16 billion last year. He said that
Swiss economic official Guy Parmelin said the Indian market offers immense opportunities for trade and investment, adding that the agreement was the result of 21 rounds of talks.
India is the EFTA group’s fifth largest trading partner after the European Union, the United States, the United Kingdom, and China, and the Indian Ministry of Trade estimates that total two-way trade will be $25 billion in 2023.
“The agreement includes comprehensive and legally binding chapters on trade and sustainable development,” the Swiss government said.
“This will enable EFTA countries in particular to address trade-related sustainability considerations.”
Analysts said the deal may not immediately help India reduce its large trade gap with the group, but it could help attract investment in key industries.
Trade economist Ram Singh, director of the Indian Institute of Trade think tank in New Delhi, said: “Trade deals will attract investment in key sectors such as medical devices and clean energy, and provide access to Swiss and Norwegian technology. This will help expand exports to other countries.” .
[ad_2]
Source link
