In a development anticipated to impact various sectors, India has entered into a free trade pact, known as a Trade and Economic Participation Agreement (TEPA), with the countries of the European Free Trade Association (EFTA).
The intergovernmental organization, EFTA, dedicates itself to advancing trade integration. This group comprises Switzerland, Iceland, Liechtenstein, and Norway.
With an initial valuation of approximately $100 billion, stakeholders anticipate that this agreement will support investments and exports in crucial domestic service sectors, particularly benefiting the IT and audio-visual fields. Furthermore, stakeholders expect it to facilitate the mobility of skilled professionals.
According to reports, the deal involves an investment of $50B over the first decade, followed by an additional $50B over the subsequent five years.
These advancements raise expectations of extending the agreement to other sectors, including pharmaceuticals and food processing, shortly, according to The Free Press Journal.
Prime Minister Modi conveyed a message on the deal’s signing, describing the Trade and Economic Participation Agreement as ‘pioneering’. He added, “TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people.”
(Finance World and The Free Press Journal have published the article under a mutual content partnership arrangement.)
