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India says a european trade group has committed to a 15-year, $100 billion pact. | Hindustan Dot
India News

India says a european trade group has committed to a 15-year, $100 billion pact.

In a major boost for Make in India, India inked a sweeping trade deal with four European nations that promises big benefits.

As part of the pact, the EFTA bloc, which includes Switzerland, Norway, Iceland, and Liechtenstein, will pour $100 billion into India over 15 years.

In return, India will slash tariffs on 95% of their industrial goods, a boon for Norwegian exporters used to 40% duties.

The deal follows recent pacts with Australia and the UAE as PM Modi aims to turbocharge exports to $1 trillion by 2030.

It features innovative provisions around IPs, gender, and sustainability. Ratification awaits, but Switzerland is targeting 2025.

While the huge India-EFTA trade imbalance may persist, experts say FDI will create opportunities. Key sectors like pharma and clean energy are set to see investment and tech upgrades.

With a general election looming and immense market potential, this new European alliance is opportune for Modi’s growth ambitions.

Source
REUTERS

HD News Desk

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