India signed a free trade deal with the European Free Trade Association (EFTA)–a regional trade organization of four European states Iceland, Liechtenstein, Norway and Switzerland.
Switzerland, Norway, the United Kingdom, Sweden, Denmark, Austria, Portugal founded EFTA on January 4, 1960 setting up a Secretariat at Geneva to serve Europe.
The Free Trade Agreement lowered trade costs for the Member States that generated economic benefits in the form of value added (value of exports minus costs) and economic growth.
Describing the deal as a “landmark pact” realized after over 15 years of negotiations Indian Prime Minister Narendra Modi in a press statement said “India finalized the deal that will remove import tariffs on industrial goods from EFTA states which could create over millions of jobs within certain times.”
Many Indian industries are powerful at home but seem weak in global share. This deal aims to boost domestic industrial production capacities under the “Make in India” campaign as import tariffs are removed under EFTA deal.
