India is to remove most tariffs for four European countries under a “watershed” agreement that is expected to bring $100 billion worth of investment over 15 years and one billion jobs for the world’s fifth-largest economy.
The trade agreement with European Free Trade Association countries that are not part of the European Union was signed ahead of India’s general elections scheduled to be held in the next few months, giving Prime Minister Narendra Modi a third consecutive term in office.
[This] marks a new turn and watershed moment in the bilateral relationship between India and [European Free Trade Association] countries of Switzerland, Iceland, Norway and Liechtenstein.
India expected the free trade agreement to boost its key exports in IT, business, audio-visual and other services, Commerce and Industry Minister Piyush Goyal stated.
The agreement also contains provisions for mutual recognition in professional services, such as nursing, chartered accountants and architects.
