Four European Countries Support India: To Invest Billions of Dollars in the Next 15 Years
India's Minister of Trade, Piyush Goyal, announced that India and the European Free Trade Association (EFTA) have signed a free trade agreement on the 10th, with the four member countries committing to invest $100 billion in India over the next 15 years to promote mutual trade and investment relations.
The current members of EFTA include Switzerland, Norway, Iceland, and Liechtenstein. This free trade agreement is modern, reasonable, and fair, and will be a win-win situation for the contracting countries. It will not only drive economic growth but also create one million job opportunities for young people.
Minister Goyal stated that this agreement signed between India and the four countries of the European Free Trade Association (EFTA) is the first time in history that a binding commitment has been signed, showing that investor confidence in India is at an all-time high. Barclays Indian economist Rahul Bajoria said that the EFTA trade agreement will continue to deepen India.
Before the general election in May, India and the European Free Trade Association will officially sign an economic and trade agreement. Swiss Minister of Economy Parmelin said that the agreement is the result of 21 rounds of negotiations between each other. Over the next 15 years, the four member countries will invest $100 billion in India in exchange for zero-tariff treatment for most products imported into India.
India's economy continues to rise, attracting foreign investment, and many countries hope to strengthen economic and trade cooperation with India. In the past two years, India has signed trade agreements with Australia and the UAE, and Indian officials revealed that trade agreement negotiations with the UK have also entered the final stage.
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