India, EFTA announce $100B free trade pact to promote investments

World 16:39 10.03.2024

India and the four-nation European bloc EFTA on Sunday signed a free trade agreement to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals, Ednews informs via The Economic Times.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

India’s Union Minister Piyush Goyal, quoting PM Narendra Modi, said, "Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations. With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition. The trade agreement symbolizes our shared agreement to open fair, equitable trade, as well as generate growth and employment for the youth."

He further said, "India will extend all possible support to EFTA countries and facilitate industry and businesses not only to achieve the committed targets but also to go beyond them. May this agreement mark the beginning of a new chapter in the journey of our nations towards a more prosperous future for us all."

India had sought an investment commitment of $50 billion during the first 10 years after the implementation of the agreement and another $50 billion over the next five years from the member countries of the bloc and to facilitate the generation of 1 million direct employment in India through such investments.

This commitment would be linked to duty reduction under the agreement.

Sectors related to almost all the industrial goods exported from India to the bloc are expected to benefit from the agreement.

The signing of the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), follows approval from the Union Cabinet on March 7.

The agreement has 14 chapters, including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, government procurement, technical barriers to trade, and trade facilitation.

India and EFTA have been negotiating the pact since January 2008 to boost economic ties.

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

"Türkiye welcomes Azerbaijan's efforts for peace in South Caucasus"
14:53 27.05.2025
Trump could exit Ukraine talks
13:56 27.05.2025
North Korea says US 'Golden Dome' risks 'space nuclear war'
12:01 27.05.2025
Hikmat Hajiyev meets with NATO Deputy Secretary General in Brussels
11:10 23.05.2025
Foreign diplomats visit Agdam Conference Center
21:35 21.05.2025
New Secondary School Opened in Gakh by Heydar Aliyev Foundation
21:22 21.05.2025
Azerbaijani and Turkish Presidents Meet One-on-One in Nakhchivan
21:03 21.05.2025
Opening ceremony of World Cup held in Baku
20:57 21.05.2025
Pashinyan, EU Envoys Discuss Armenia-Azerbaijan Peace
19:52 21.05.2025
New Deputy Appointed to Nakhchivan Education Minister
19:20 21.05.2025
Nakhchivan marks Türkiye’s National Sovereignty and Children’s Day
17:42 21.05.2025
F.Shafiyev: Azerbaijan-Türkiye unity is example of effective cooperation
17:35 21.05.2025
Azerbaijan to build circular power link in Karabakh
17:28 21.05.2025
Azerbaijan, Italy discuss prospects for defense cooperation
17:19 21.05.2025
Ilham Aliyev addresses conference on Western Azerbaijan in Ankara
17:14 21.05.2025
Ilham Aliyev: Azerbaijan and Türkiye uphold international law for regional stability
17:03 21.05.2025
President of Cuba congratulates President Ilham Aliyev
16:58 21.05.2025
Azerbaijani President: Digitalization of the Middle Corridor is a priority
16:53 21.05.2025
Erdogan: Ilham Aliyev will be remembered as a peacemaker
16:48 21.05.2025
TDT: Azerbaijan is very important for the development of the Turkic world
16:43 21.05.2025
Georgian minister discusses cooperation with Azerbaijani ambassador
16:35 21.05.2025
Azerbaijan, Türkiye mull prospects for development of military cooperation
16:29 21.05.2025
Azerbaijan and Croatia hold political consultations
16:24 21.05.2025
GlobE Network work plan for 2025 approved in Baku
16:18 21.05.2025
Talks between Azerbaijan and Armenia may be held at level of heads of state
12:21 19.05.2025
A Meeting of Nobles exhibition to open in Shusha
12:15 19.05.2025
Azerbaijan increases construction by over 2026
12:09 19.05.2025
How does space "sound"? -NASA created "music" from the sounds of black hole
12:03 19.05.2025
Azerbaijan joins Fez Festival of World Sacred Music
11:57 19.05.2025
Azerbaijan’s parliamentary delegation starts official visit to Spain
11:53 19.05.2025
EU countries agree on big defence fund with Azerbaijan- Diplomat Says
11:48 19.05.2025
Azerbaijan,Türkiye Hold Talks on Education Sector Cooperation
11:42 19.05.2025
Azerbaijani delegation attends Russia-Islamic World: Kazan Forum 2025
11:36 19.05.2025
The official opening of the Azerbaijani carpet exhibition took place in Chisinau
11:31 19.05.2025
Press review of I.Aliyev's participation in the 6th Summit of the "European Political Union"
11:25 19.05.2025
Azerbaijani delegation participated in the International Economic Forum
11:21 19.05.2025
Azerbaijan to be represented at Astana International Forum
11:16 19.05.2025
New agreement between Azerbaijan and Pakistan in the field of plant safety
11:14 19.05.2025
Ilham Aliyev: Azerbaijani healthcare has made significant steps along a long way of development
11:08 19.05.2025
Azerbaijani Ombudsman issues appeal on Human Rights
11:03 19.05.2025
Hamısı