16 years in the making, key details of India's pact with four-nation European trade bloc
India signed a free trade pact on Sunday with a group of European nations — Switzerland, Norway, Iceland and Liechtenstein — committing to reduce tariffs, while New Delhi receives $100 billion in investments over the next 15 years.
India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement.
Here are key facts about the trade pact:
BOOST TO TRADE, INVESTMENT:
India expects that the pact, following deals with the UAE and Australia, will boost exports of pharmaceuticals, garments, chemicals and machinery while attracting investments in automobiles, food processing, railways and the financial sector.
India is the EFTA's fifth-largest trading partner after the European Union, the United States, Britain and China, with total two-way trade touching $25 billion in 2023, its trade ministry estimates.
Its exports to the EFTA touched $2.8 billion and imports were about $22 billion during that period.
With a population of 13 million and combined GDP of more than $1 trillion, the EFTA nations are the world's ninth largest merchandise trader and its fifth largest in commercial services.
SWISS COMPANIES TO BENEFIT:
Swiss manufacturers of machinery, luxury items such as watches and transport are expected to benefit, the Swiss government says. India has invited Swiss transport companies to invest in the railways.
The pact allows EFTA nations the opportunity to export processed food and beverages, electrical machinery, and
