India, European EFTA bloc sign $100 bn free trade deal

The deal will see the European Free Trade Association (EFTA) -- made up ofnon-European Union nations, including Iceland and Liechtenstein -- invest$100 billion over 15 years in India, the world's fifth largest economy,India's Trade Minister Piyush Goyal said.
"The India-EFTA Trade and Economic Partnership Agreement (TEPA) marks ahistoric milestone in our growing partnership," Goyal said after the signingin New Delhi.
The agreement "will pave the path for mutual growth and prosperity" byboosting exports, promoting investment and creating employment, he added.
The deal was signed after several rounds of negotiations spanning 16 years.
Indian Prime Minister Narendra Modi said the trade agreement "symbolises ourshared commitment to open, fair and equitable trade", according to astatement read out at the signing ceremony.
Swiss Economy Minister Guy Parmelin said the deal "will allow us to makebetter use of our economic potential and create additional opportunities forboth India and the EFTA states".
"EFTA countries gain market access to a major growth market... India, inreturn, will attract more foreign investment from EFTA, which will ultimatelytranslate into an increase in good jobs", he added, speaking in New Delhi.
EFTA was established in 1960 to promote free trade and economic integrationbetween its members. In 2021, it was the 10th largest trader in the world interms of merchandise, and the eighth largest in services, reports BSS.
In recent years, India has signed trade agreements with Australia and theUnited Arab Emirates.
A long-talked-about trade deal with Britain is also said to be in the finalstages.