India and the European Free Trade Association (EFTA), comprising Norway, Switzerland, Iceland, and Liechtenstein, have signed a landmark $100-billion free trade agreement aimed at enhancing investment and exports. The agreement, named the India-EFTA Trade and Economic Partnership Agreement (TEPA), is set to span 15 years and is anticipated to bolster mutual growth, prosperity, and job creation.
Negotiations for the deal, which symbolizes a shared commitment to open and equitable trade, have taken place over 16 years. Indian Prime Minister Narendra Modi hailed the agreement as a testament to the commitment to fair trade. Swiss Economy Minister Guy Parmelin emphasized that the deal would unlock economic potential and create opportunities for both India and the EFTA states. The agreement signifies a significant move for EFTA, which was established in 1960 to promote free trade and economic integration among its members. India has also recently signed trade agreements with Australia and the United Arab Emirates, while a trade deal with Britain is reportedly in its final stages.
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