India reaches $100b deal with EFTA after 15 yrs

India and the European Free Trade Association (EFTA), signed a trade agreement with a $100 billion investment over 15 years in India’s market, Reuters reported on Sunday.

After 16 years and 21 rounds of negotiations, the deal was praised by Swiss Economic Affairs head Guy Parmelin for creating significant trade and investment opportunities in India.

India’s union trade minister, Piyush Goyal, described the deal as a modern, fair, and win-win agreement for all five countries.

This deal adds to India’s recent trade agreements with Australia and the United Arab Emirates, with a pending deal with Britain in the final stages. Prime Minister Narendra Modi aims to achieve $1 trillion in annual exports by 2030.

The EFTA, comprises Switzerland, Norway, Iceland, and Liechtenstein and was established in 1960 as a counterpart to the European Union (EU), is the world’s 10th-largest goods trader. It has around 30 trade agreements with 40 countries and territories outside the EU expanding its global trade partnerships.