India has made a significant move by signing a free trade agreement (FTA) with the European Free Trade Association (EFTA), consisting of Norway, Switzerland, Iceland, and Liechtenstein, bringing investments of $100bn into the country. This landmark pact aims to boost economic progress, create opportunities for the youth, and strengthen bonds with the EFTA nations. The agreement, after almost 16 years of negotiations, involves lifting import tariffs on industrial goods from these nations in exchange for investments over 15 years. The key sectors expected to benefit include pharmaceuticals, machinery, and manufacturing, enhancing market access and simplifying customs procedures for businesses in both markets. However, the agreement is subject to ratification by India and the EFTA nations before taking effect, with Switzerland set to do so by next year. This move comes amid India’s efforts to expand its trade relationships, having recently signed deals with Australia and the UAE. With general elections approaching in India, and the UK also in talks for an FTA with India, the trade landscape is evolving with potential opportunities and challenges ahead.
Related Posts
![](https://www.thirdeyeanalyst.com/wp-content/uploads/2023/08/Josephine.png)
Impact of US Inflation on Fed Rate Cuts and Economy
The US inflation rate has edged up in February, reaching 3.2%, as reported by the Labor Department. This increase in…
![](https://www.thirdeyeanalyst.com/wp-content/uploads/2023/08/Stella-2.png)
Argentina’s New Government Takes Drastic Measures to Tackle Economic Crisis
In a bold move to address Argentina’s worst economic crisis in decades, the country’s new president, Javier Milei, has announced…
![](https://www.thirdeyeanalyst.com/wp-content/uploads/2023/08/Paisley.png)
The Impact of Bet365 Probe on Australian Online Gambling Industry
The financial crime watchdog in Australia, Austrac, has initiated an investigation into the UK-based online gambling firm Bet365 over concerns…