India signs $100bn free trade deal with European EFTA bloc

India has signed a $100 billion free trade deal with a European bloc that includes Switzerland, Norway, Iceland, and Liechtenstein. These four countries are not part of the European Union. Under the deal, which was finalized on Sunday with the European Free Trade Association (EFTA) after 16 years of negotiations, India will gradually phase out most of its import tariffs on industrial goods from these countries over 15 years. The agreement will boost investments in various sectors in India, such as pharmaceuticals, machinery, and manufacturing.

What is Free Trade Agreement, Comprehensive Economic Cooperation Agreement/Partnership Agreement?


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