India opens its doors to trade signing largest ever trade agreement with European Free Trade Association (EFTA). The member states of the association, consisting of Switzerland, Iceland, Norway and Liechtenstein, will be exempt from import taxes. With a 15-year investment commitment
EFTA spokesman Asdis Olafsduti said it aims to increase foreign direct investment in India by $50 billion in the first 10 years of the agreement and another $50 billion over the next five years. It is hoped that this investment will create one million job opportunities.
This agreement will help European companies. Easy access to the huge consumer market in India, which currently has a population of 1.4 billion, such as the market for manufactured food and beverages, electrical machinery as well as luxury products.
The tax exemption agreement covers more than 82% of tax collections and represents more than 95% of EFTA exports.
However, markets for products such as dairy products, soybeans, coal and sensitive agricultural products will not be exempt from the tax
Reaching this agreement is expected to stimulate the Indian export sector in areas such as information technology. Business Services, Education and Lobbying for a “Make in India” policy focusing on attracting foreign investment to establish a production base in India Upgrading the production sector Let India achieve its goal of becoming the largest manufacturing hub in the world. This will help increase Narendra Modi's popularity to assume the position of Prime Minister for a third term before the elections that will be held between April and May 2024.
Switzerland is India's largest trading partner, with foreign direct investment in India amounting to $10 billion between 2000 and 2022.
“Subtly charming student. Pop culture junkie. Creator. Amateur music specialist. Beer fanatic.”