India finalizes a landmark trade deal with European Free Trade Association nations (Switzerland, Iceland, Norway, Liechtenstein), eliminating most tariffs and aiming for $100 billion worth of investment over 15 years.
1. India’s trade agreement with European Free Trade Association countries is considered a “watershed moment” in bilateral relations.
2. The deal is expected to generate significant investment, totaling $100 billion, and create one billion jobs over 15 years.
3. The four nations involved are Switzerland, Iceland, Norway, and Liechtenstein, not part of the European Union.
4. Prime Minister Narendra Modi views the agreement as a pivotal development in India’s trade relationships.
5. Key sectors benefiting from the agreement include IT services, business services, and audio-visual services.
6. Provisions for mutual recognition in professional services, such as nursing, chartered accountancy, and architecture, are included in the deal.
