Exclusive: India Seals Game-Changing Trade Deal with European Nations
Expanding Horizons and Boosting the Economy
India flag, stock market, exchange economy, and Trade, oil production, container ship in export and import business and logistics.
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A “Watershed” Deal Paves the Way for Bilateral Prosperity
India has recently reached a groundbreaking trade agreement with European Free Trade Association (EFTA) nations, comprising Switzerland, Iceland, Norway, and Liechtenstein. This significant deal is projected to attract a staggering $100 billion investment over 15 years and generate one billion employment opportunities for India, the world’s fifth-largest economy.
By eliminating most tariffs, the trade agreement has opened up new avenues for India to deepen its economic ties with the European nations and tap into lucrative business opportunities. The timing of this landmark deal is crucial, considering India’s general elections are just around the corner, potentially securing a third term for Prime Minister Narendra Modi.
Expanding India’s International Trade Realm
The agreement heralds a new era in both India’s relationship with the EFTA countries and its expanding trade profile.
Prime Minister Narendra Modi, while expressing his optimism, emphasized the agreement’s transformational impact on India’s trade dynamics.
Prime Minister Narendra Modi said, “This marks a new turn and a watershed moment in the bilateral relationship between India and European Free Trade Association countries of Switzerland, Iceland, Norway, and Liechtenstein. The deal has unlimited potential and will bolster India’s position in the global market.”>
Commerce and Industry Minister, Piyush Goyal, has outlined that the agreement will provide a significant boost to India’s IT services, business services, and audio-visual services exports. Additionally, it contains provisions for mutual recognition in professional services like nursing, chartered accountancy, and architecture, reinforcing the bilateral collaboration.
Unveiling New Opportunities for India’s Prosperous Future
The trade agreement with EFTA countries is expected to reshape India’s economy and stimulate growth.
With the removal of barriers, India is set to attract a substantial influx of foreign direct investment, paving the way for business expansions, innovations, and job creation. In particular, the agreement will bolster key sectors like IT services, business services, audio-visual services, and bolster India’s position on the global trade stage.
The accord has a long-term horizon, with investments estimated to surpass $100 billion within 15 years, setting the stage for India to become an economic powerhouse.
