India has sealed a landmark free trade agreement (FTA) with Norway, Switzerland, Iceland, and Liechtenstein, marking a significant move ahead of the upcoming general elections. The $100 billion deal, signed with the European Free Trade Association (EFTA), will take effect next year after 16 years of negotiations. Under the agreement, India will eliminate import duties on various industrial products, including pharmaceuticals, machinery, and manufacturing, in exchange for a 15-year commitment to investments from the four countries.
This comes on the heels of India’s previous trade agreements with Australia and the UAE. While ongoing FTA negotiations with the UK have been underway for two years, the latest deal with EFTA nations takes precedence. Prime Minister Narendra Modi emphasized that the agreement not only signifies economic progress but also a commitment to creating opportunities for the youth. The collaboration is expected to foster prosperity and development in the region.