India signs a $100 billion trade deal with four European countries

India recently concluded a substantial trade agreement with the European Free Trade Association (EFTA), comprising Norway, Switzerland, Iceland, and Liechtenstein. Termed the India-EFTA Trade and Economic Partnership Agreement (TEPA), this agreement, valued at $100 billion, aims to stimulate economic growth and job creation by facilitating easier exportation of goods and investment.

Signed in New Delhi, the agreement entails EFTA’s commitment to invest in India over the next 15 years. This development holds significance as India ranks as the world’s fifth-largest economy. Negotiations for the agreement spanned 16 years, with Indian Prime Minister Narendra Modi highlighting its importance in fostering equitable and transparent trade practices.

Swiss Economy Minister Guy Parmelin emphasizes the mutual benefits of the agreement. EFTA member countries gain access to a sizable market for their goods, while India attracts increased foreign investment, expected to generate quality employment opportunities. EFTA, established in 1960 to promote free trade and economic collaboration among its member nations, underscores the enduring commitment to fostering economic synergy.

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