India signs free trade agreement with EFTA bloc

By Ahmad Adil

NEW DELHI (AA) – India and the European Free Trade Association (EFTA) on Sunday signed a trade agreement, which will “pave the path for mutual growth and prosperity,” according to the Indian trade minister.

“The India-EFTA Trade and Economic Partnership Agreement marks a historic milestone in our growing partnership with European Free Trade Association nations,” Indian Trade Minister Piyush Goyal said on X, terming it as a “watershed agreement.”

EFTA is a trade group of four European nations, including Iceland, Liechtenstein, Switzerland, and Norway. The signing of the agreement took place in the national capital New Delhi.

According to Goyal, the agreement is the first free trade agreement inked with a binding commitment to invest $100 billion in India from the EFTA countries.

The agreement includes 1 million direct jobs for the Indian young workforce, technology collaboration, and growth in industrial exports, as well as tariff concessions related to agriculture and processed food products to boost India's exports.

Speaking during the event, Goyal said the signing of the trade partnership agreement marks the “culmination of nearly 15 years of hard work, tremendous energy, and effort.”

Indian Prime Minister Narendra Modi said the deal “symbolizes our shared commitment to open, fair, and equitable trade.”

“The tenth of March 2024 marks a new turn and a watershed moment in the bilateral relationship between Indian and EFTA countries,” Modi said in a written message on Sunday.

An EFTA statement also said: "The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth."