Key Points
New Delhi: India and the European Free Trade Association (EFTA) comprising Liechtenstein, Iceland, Norway and Switzerland signed a free trade agreement Sunday..
The four EFTA countries will encourage the private sector to invest $100 billion in India over the next 15 years in exchange for the reduction of tariffs for their exports...
Prime Minister Narendra Modi hailed the agreement as a watershed moment for the bilateral relationship between India and the EFTA countries..
Meanwhile, Switzerland announced Sunday that it will begin the parliamentary approval process immediately, with the aim of ratifying the agreement by 2025 at the earliest.. Guy Parmelin, Swiss federal councillor and head of the Federal Department of Economic Affairs, during the signing ceremony, said, EFTA countries gain market access to a major growth market..
According to a statement released by the government of Switzerland, the agreement will see India lifting or partially lifting customs tariffs on 95.3 percent of industrial imports from the country...
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