India recently finalized a big trade deal with the European Free Trade Association (EFTA), which includes Norway, Switzerland, Iceland, and Liechtenstein. This deal is worth $100 billion and is called the India-EFTA Trade and Economic Partnership Agreement (TEPA). Its goal is to help the economy grow and create more jobs by making it easier to export goods and invest money.
The agreement, signed in New Delhi, means that EFTA will invest in India for the next 15 years. This is a big deal because India is the fifth-largest economy in the world. Negotiations for this agreement took 16 years, and Indian Prime Minister Narendra Modi says it’s important because it promotes fair and open trade.
Swiss Economy Minister Guy Parmelin says this agreement benefits both sides. EFTA countries get access to a big market for their goods, and India gets more foreign investment. This investment is expected to create good jobs in India. EFTA was started in 1960 to help its member countries trade freely and work together economically.
