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Switzerland being the largest player is likely to contribute more than half of the $100 billion free trade pact India recently signed with the European Free Trade Association (EFTA).
While Norway will bring in the rest, with Iceland and Liechtenstein contributing as well, Norwegian Ambassador to India, May-Elin Stener, told The Hindu
India signed a four-nation trade pact with EFTA countries: Switzerland, Norway, Iceland, and Liechtenstein, on March 10.
This EFTA aiming to attract $100 billion and to create one million jobs in 15 years in exchange
for tariff concessions for their pharma, chemical and minerals.
European Free Trade Association
An intergovernmental organization promoting free trade and economic integration among its member states.
Members (Current):
Iceland
Liechtenstein
Norway
Switzerland
Founded: 1960 (Stockholm Convention)
Headquarters: Geneva, Switzerland, with offices in Brussels and Luxembourg.
Main Goal: Foster economic cooperation and remove trade barriers between member states.
Key Points:
Established as an alternative to the European Economic Community (EEC), the precursor to the European Union (EU).
EFTA members participate in the European Single Market but are not part of the EU Customs Union.
EFTA has a vast network of Free Trade Agreements (FTAs) with over 60 countries and territories, including the EU.
Governed by the EFTA Council, which meets regularly at ambassadorial and ministerial levels.
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