India's first free trade agreement (FTA) with four developed European nations: Switzerland, Norway, Iceland and Liechtenstein, the deal promises to bring in $100 billion in investments and create a million direct jobs over the next 15 years, an Indian government release said.
Under the agreement, the EFTA nations have pledged to attract $50 billion in investments within the first ten years and an additional $50 billion over the next five years. These investments are expected to focus on sectors such as renewable energy, life sciences, digital transformation and engineering.
To facilitate these, a dedicated India-EFTA Desk has been set up as a single-window platform for investors.
EFTA has offered tariff concessions on 92.2 per cent of tariff lines, covering 99.6 per cent of India's exports. In return, India has granted access on 82.7 per cent of tariff lines, representing 95.3 per cent of EFTA's exports, while protecting sensitive sectors like dairy, soyabean, coal and select agricultural products.
The agreement’s intellectual property provisions reaffirm both sides' commitment to innovation while maintaining India's flexibility to protect affordable medicines.
Agriculture, marine products and manufacturing are expected to experience significant growth under the agreement, the release noted.
Engineering, textiles, electronics and chemical industries will also benefit from improved market access and simplified trade procedures.
ALCHEMPro News Desk (DS)
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