Indian authorities also revealed ongoing negotiations with the United Kingdom for a similar trade deal.
India & Four European Countries Sign Trade Agreement. India and four European countries have finalized a trade agreement after 16 years of negotiations. The pact, signed between India, Switzerland, Norway, Liechtenstein, and Iceland, aims to boost bilateral trade and economic cooperation between the nations.
According to reports from international news agencies, under the terms of the agreement, the four European countries will invest $100 billion in India, while India will reciprocate by abolishing tariffs on industrial exports from these nations.
India’s Minister of Commerce, Piyush Goyal, hailed the agreement as a mutually beneficial arrangement that will benefit all five countries. He emphasized that the group of four European countries will invest over the next 15 years, ensuring equal benefits for all parties involved.
Indian authorities also revealed ongoing negotiations with the United Kingdom for a similar trade deal, highlighting India’s commitment to expanding its economic partnerships on a global scale.
Furthermore, India has already entered into trade agreements with Australia and the United Arab Emirates, further strengthening its position in the international trade landscape.
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Regarding the specifics of the agreement, Swiss authorities stated that India will abolish tariffs on more than 95% of industrial imports from Switzerland or partially eliminate them.
Meanwhile, Norway’s Minister of Trade emphasized that Indian companies exporting goods to Norway will not face any import taxes, further facilitating trade between the two nations.
As per reports from international news agencies, these five countries will now proceed to ratify the agreements through their respective governments, marking a significant step towards enhanced economic cooperation and growth opportunities for all parties involved.
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