Officials announced that India has inked trade agreements with Iceland, Liechtenstein, Norway, and Switzerland on Sunday. The agreements include a $100 billion investment commitment and the creation of one million direct employees in India over the next 15 years.
Laptops 1000India, for its part, promised to lower import taxes on industrial goods from the four European nations that make up the European Free Trade Association, or EFTA.
An EFTA communique stated, “The historic agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth.”
India has negotiated a deal with a significant European economic bloc for the first time, according to Piyush Goyal, the country’s minister of commerce and industry. India is also negotiating trade agreements with the United Kingdom and the European Union.
The agreement covers intellectual property, government procurement, trade and sustainable development, intellectual property promotion and cooperation, trade and trade in products and services, and dispute resolution.
As per Goyal’s comments, it will offer a portal for Indian exporters to reach out to European and international markets. Goyal, his Swiss counterpart Guy Parmelin, the foreign ministers of Liechtenstein, Iceland, and Norway—Dominique Hasler for Liechtenstein, Bjarni Benediktsson for Iceland, and Jan Christian Vestre for Norway—signed the agreement in New Delhi.
Laptops 1000Parmelin declared that “EFTA countries gain market access to a major growth market” while addressing on behalf of the organization’s member states.
businesses work hard to strengthen and diversify their supply chains. In exchange, India will draw more EFTA-related foreign investment, which will eventually result in an increase in high-quality jobs.
