In a “watershed” agreement that is anticipated to generate $100 billion in investment over 15 years and one billion jobs for the world’s fifth-largest economy, India will remove the majority of tariffs on four European countries.
The trade agreement with non-EU members of the European Free Trade Association was signed in advance of the nation’s general elections, which are scheduled for the coming few months and might award Prime Minister Narendra Modi a third consecutive term in power.
Over the past few years, the Indian government has completed a number of significant trade deals, and one with Great Britain is currently being negotiated.
In remarks posted on X, formerly Twitter, Indian Prime Minister Narendra Modi stated that this “marks a new turn and watershed moment in the bilateral relationship between India and [European Free Trade Association] countries of Switzerland, Iceland, Norway, and Liechtenstein.”
Indian Minister of Commerce and Industry Piyush Goyal stated that his country anticipates increased exports of business, IT, and audio-visual services as a result of this free trade deal.
According to an announcement from the Indian government, the agreement also includes clauses for mutual recognition in the fields of nursing, chartered accounting, and architecture.