EFTA has committed to investing $100 billion in India over the next 15 years as part of the free trade pact

 India has officially inked a free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. The signing ceremony took place in the presence of Union Commerce & Industry Minister Piyush Goyal, who highlighted the significance of the agreement. Goyal announced that EFTA has committed to investing $100 billion in India over the next 15 years as part of the free trade pact.

Describing the occasion as momentous, Goyal emphasized that the Trade and Economic Partnership Agreement with EFTA symbolizes the culmination of nearly 15 years of dedicated work and effort. Despite structural differences in various aspects, he expressed confidence in the complementarities between the economies of India and EFTA, foreseeing a mutually beneficial scenario for all nations involved.

Goyal, who co-chaired a meeting on the India-EFTA trade deal in New Delhi, discussed the comprehensive nature of the agreement. Negotiations for the Trade and Economic Partnership Agreement (TEPA) between India and EFTA began in January 2008, aiming to strengthen economic ties. The agreement covers a wide range of areas, including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion, cooperation, government procurement, technical barriers to trade, and trade facilitation.

Highlighting EFTA's global reach, it was mentioned that EFTA already boasts 29 free trade agreements (FTAs) with 40 countries, including Canada, Chile, China, Mexico, and Korea. The four member countries of EFTA— Iceland, Liechtenstein, Norway, and Switzerland—remain committed to fostering free trade and economic integration with their international partners