India Poised to Conclude Landmark Trade Agreement with EFTA

Following nearly 16 years of negotiations, India is on the cusp of finalizing a significant economic agreement with the European Free Trade Association (EFTA) according to two well-placed sources who spoke with Reuters. The anticipated agreement, expected to be signed tomorrow, Sunday, aims to bolster trade and investment flows between the parties.

New Delhi anticipates substantial investment from the EFTA member states – Switzerland, Norway, Iceland, and Liechtenstein – potentially reaching $100 billion over a 15-year period. This influx of capital would target India’s burgeoning market, boasting a population of 1.4 billion.

This agreement marks the latest in a series of trade deals pursued by Prime Minister Narendra Modi in his vision of achieving $1 trillion in export value by 2030. In the past two years alone, India has successfully concluded trade pacts with Australia and the United Arab Emirates. Negotiations with the United Kingdom are reportedly nearing their final stages.

Established in 1960 to serve as a counterpoint to the European Union, EFTA ranks as the world’s tenth-largest commodity trader and the fifth-largest for services. The association boasts a robust network of approximately 30 trade agreements with 40 countries and regions outside the European Union.