India Signs Economic Pact With 4 European Nations, $100Bn FDI Expected To Flow In
India and the four-nation EFTA bloc of European nations signed an economic agreement on Sunday. India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland and Liechtenstein, signed an economic agreement on Sunday which will step up trade and foreign investment, capping nearly 16 years of negotiations, Commerce and Industry Minister Piyush Goyal said after the signing ceremony.
The Trade and Economic Partnership Agreement (TEPA) is a binding agreement for the EFTA nations to invest $100 billion over 15 years in India, the world’s fastest growing economy, Goyal said.
Switzerland’s Economic Affairs Minister, Guy Parmelin, said that the agreement would result in more FDI and innovative technology flowing into India which would boost manufacturing in the country and lead to the creation of more jobs. This would result in a further acceleration of the ‘Make in India’ campaign, he added.( I-T Department Uncovers Cases Of Inadequate Tax Payments; Check Deadline Date For Payment)
The European countries, on their part, will gain access to India’s vast market and economic opportunities that the world’s fastest growing economy offers, he said.
India has sought an investment commitment of $50 billion during the first 10 years after the implementation of the agreement and another $50 billion over the next five years from the member countries of the bloc to facilitate the generation to boost manufacturing and generate one million direct jobs in the country.
