India signs historic $100 billion free trade agreement with four non-EU countries.
- India will reduce most tariffs on various industries in a free trade agreement with Switzerland, Iceland, Norway, and Liechtenstein.
- The agreement is expected to bring in $100 billion in investment and create 1 billion jobs in India, the world's fifth-largest economy, over 15 years.
The "watershed" deal between India and four nations in Europe will result in the lifting of most tariffs, leading to $100 billion worth of investment and one billion jobs over 15 years.
The trade deal with European Free Trade Association nations, not part of the EU, was signed before the upcoming general elections that could secure Prime Minister Narendra Modi a third consecutive term in office.
A deal with Great Britain is in the works as the Indian government has recently finalized several major trade agreements.
India Prime Minister Narendra Modi stated that the current development signifies a significant shift and a defining moment in the partnership between India and the European Free Trade Association countries of Switzerland, Iceland, Norway, and Liechtenstein.
Piyush Goyal, Commerce and Industry Minister of India, stated that the country anticipates that the free trade agreement will boost its key exports in IT services, business services, and audio-visual services, among others.
The Indian government release states that the agreement includes provisions for mutual recognition in professional services such as nursing, chartered accountants, and architects.
Asia Economy
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