Key Points
India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations..
Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement...
India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping...
"If, after the consultation period, India is still of the opinion that the EFTA states have not fulfilled their obligations, India may, after a further grace period of three years, suspend concessions..
The investment promotion and cooperation chapter of the agreement talks about a regular review by a specially appointed sub-committee, and it provides for a three-stage consultation procedure which can be invoked by India if the defined target has not been reached after 15 years...
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