India and European Free Trade Association Reach Landmark Trade Deal
India has entered into a significant trade agreement with the European Free Trade Association (EFTA) nations of Switzerland, Iceland, Norway, and Liechtenstein, a move that Prime Minister Narendra Modi describes as a “watershed” moment for bilateral relations. This deal, expected to attract $100 billion in investment over 15 years and create one billion jobs, comes as a strategic development ahead of the country’s general elections. It signifies India’s ongoing commitment to enhancing its economic ties through major trade agreements, with another potential deal with the UK on the horizon.
The agreement aims to lift most tariffs between India and the four EFTA countries, facilitating increased trade and investment flows. This is particularly beneficial for India’s key export sectors, including IT services, business services, and audio-visual services. Commerce and Industry Minister Piyush Goyal highlighted the deal’s expected boost to India’s economy, emphasizing the importance of such international collaborations in today’s global market.
Additionally, the trade deal includes provisions for mutual recognition of professional services, paving the way for improved mobility and cooperation in fields such as nursing, chartered accountancy, and architecture. This aspect of the agreement underscores the commitment of both India and the EFTA countries to not only strengthen economic ties but also to foster a collaborative environment for professionals across borders.
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