India in $100bn trade deal with four European nations
India has signed a $100bn (£77.8bn) free trade agreement (FTA) with a group of four non-EU European countries.
The deal with the European Free Trade Association (EFTA) will see investments in India of $100bn (£77.8bn), the country’s trade minister says.
The EFTA is made up of Norway, Switzerland, Iceland and Liechtenstein.
“This landmark pact underlines our commitment to boosting economic progress and creating opportunities for our youth,” Prime Minister Narendra Modi said in a statement.
“The times ahead will bring more prosperity and mutual growth as we strengthen our bonds with EFTA nations,” he added.
The agreement comes after almost 16 years of negotiations. Under this deal, India will lift most import tariffs on industrial goods from the four countries in return for investments over 15 years.
The investments are expected to be made across a range of industries, including pharmaceuticals, machinery and manufacturing.
“The agreement enhances market access and simplifies customs procedures making it easier for Indian and EFTA businesses to expand their operations in the respective markets,” the EFTA said in a statement.