India - EFTA trade deal to be signed most probably on this Sunday

India-European Free Trade Association (EFTA) trade deal is all set to be signed on Sunday, 10th March, 2023. The agreement is expected to create one million jobs in India.
India - EFTA trade deal to be signed most probably on this Sunday

The India-European Free Trade Association (EFTA) trade deal is set to bring in a whopping $100 billion investment over the course of 15 years. This agreement, to be signed on Sunday, aims to foster economic ties between India and the four EFTA member countries - Iceland, Switzerland, Norway, and Liechtenstein. The investment is anticipated to create around one million jobs in India, offering significant employment opportunities.

According to sources familiar with the matter, the investment commitment will be part of the trade agreement itself and not a separate pact. A detailed plan and roadmap will be developed to ensure the realization of this substantial investment, contributing to India's economic growth and development.

A delegation comprising officials from the EFTA nations is expected to arrive in New Delhi over the weekend for the official signing of the Trade and Economic Partnership Agreement (TEPA). This marks a significant milestone as it is India's first trade deal with any European nation or bloc, highlighting the growing importance of international trade relations for India's economy.

The TEPA aims to facilitate duty-free access to various sectors for both India and the EFTA countries. While the EFTA nations already have low import duties, the agreement promises significant market access gains for India. This underscores the mutual benefits and opportunities for trade and investment between the two parties.

In recent years, India has been actively pursuing trade agreements with various countries to expand its market reach and attract foreign investment. Prior agreements with Mauritius, the United Arab Emirates (UAE), and Australia have paved the way for enhanced economic cooperation and increased trade volumes.