India signs free trade pact with which 4 European countries.
India signed a free trade agreement with four European countries — Iceland, Liechtenstein, Norway, and Switzerland .
On Sunday, with a goal of reaching $100 billion in investments in India and one million jobs within 15 years.
The Trade and Economic Partnership Agreement (TEPA) marks the second such full-fledged FTA signed after India’s agreement with the United Arab Emirates.
This will see considerable tariff reduction, increase in market access, and simplification of customs procedures.
The European Free Trade Association countries, which are separate from the European Union, said that for the first time, the FTA also included a chapter on commitments to human rights and sustainable development.
The agreement will come into force after ratification by the EFTA states, expected possibly by the end of the year.
EFTA Ministers clarified that the commitment was in fact a “goal” for both sides, based on the current levels of investment, pegged at about $10.7 billion, the GDP predictions, and the estimated value of the TEPA.
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