India signs trade deal with 4 European nations for $100 bn investment, 1 mn jobs

India signed a trade agreement with Iceland, Liechtenstein, Norway and Switzerland on Sunday that includes a commitment of 100 billion in investments and creating one million direct jobs in India in the next 15 years.

India committed to reducing import tariffs on industrial products from the four European countries that comprise the European Free Trade Association, or EFTA.

“The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth,” an EFTA communique said.

India’s Commerce and Industry Minister Piyush Goyal said India for the first time had signed an agreement with an important economic bloc in Europe. India is also working on trade pacts with Britain and the European Union.

The agreement includes trade in goods and services, investment promotion and cooperation, intellectual property, government procurement, trade and sustainable development, and dispute settlement. It will provide a window for Indian exporters to access European and global markets, Goyal said in a statement.