India and the European Free Trade Association (EFTA) – which comprises Iceland, Liechtenstein, Norway, and Switzerland – signed a landmark Free Trade Agreement (FTA) on Sunday. The agreement aims to boost investment and facilitate bilateral trade in goods and services.
Main attractions:
Prices of products will fall: As a result of this agreement, Swiss watches, chocolates and other European products will become cheaper in the Indian market. Increase in investment: EFTA has committed to invest $100 billion in India over the next 15 years, which will give a new impetus to economic growth.
Modern trade agreement: Commerce Minister Piyush Goyal called it the first modern trade agreement between India and a group of developed countries. Step towards digital and innovation: The FTA will open up new possibilities of innovation and cooperation in areas such as digital trade, banking, financial services and pharma.
Increased employment opportunities: The agreement is expected to create new employment opportunities in India, thereby boosting economic progress.
Prime Minister Modi has praised the agreement as a significant development. He stressed that the agreement will reduce the prices of European products in the Indian market and bring $100 billion of investment to the country.
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