India's trade deal with EFTA unlocks $100 billion investment opportunity

11 March 2024

India has finalized a trade pact with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway and Switzerland, marking a significant milestone in international commerce.

EFTA members have proposed a substantial $100 billion investment in India over the next 15 years. The agreement aims to stimulate investment and collaboration while assisting India in diversifying its imports, reducing reliance on China. Sectors such as pharmaceuticals, biotechnology and chemicals, among others, are poised to benefit from extensive collaboration opportunities.

Prime Minister Narendra Modi and Iceland's Foreign Minister, Bjarni Benediktsson, both lauded the agreement, with Mr Modi terming it a "watershed moment" that fosters open, fair, and equitable trade practices, offering substantial benefits to all involved.

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