India has signed a trade agreement with Iceland, Liechtenstein, Norway, and Switzerland, on Sunday, which includes a commitment to invest one hundred billion dollars and create one million direct jobs in India over the next 15 years, as reported by the Associated Press citing Indian officials. In return, India has committed to reducing tariffs on imports of industrial products from the four European countries that make up the European Free Trade Association.
A statement from the European Free Trade Association noted that the historic agreement between India and the association is expected to yield significant economic benefits, such as improving and making supply chains more resilient, creating new opportunities for businesses and individuals on both sides, leading to increased trade and investment flows, job creation, and economic growth.
Indian Minister of Commerce and Industry Piyush Goyal stated that India has signed its first agreement with an important economic bloc in Europe. India is also working on trade agreements with the UK and the European Union. The agreement covers trade in goods and services, encourages investment and cooperation, deals with intellectual property, government procurement, trade and sustainable development, and dispute resolution. Goyal emphasized that the agreement would provide a gateway for Indian exporters to access European and global markets.
