India signed a free trade agreement (FTA) with four European countries — Iceland, Liechtenstein, Norway, and Switzerland — on Sunday, with a goal of reaching $100 billion in investments in India and one million jobs.
The Trade and Economic Partnership Agreement (TEPA) marks the second such full-fledged FTA signed after India’s agreement with the United Arab Emirates, and will see considerable tariff reductions, increase market access, and simplify customs procedures. The EFTA countries, which are separate from the European Union, said that, for the first time, the FTA also included a chapter on commitments to human rights and sustainable development.
The agreement will come into force after ratification by the EFTA states according to their parliamentary procedures, expected possibly by the end of the year.
