The European Free Trade Association (EFTA), consisting of four European countries including Switzerland and Norway, will invest $100 billion (approximately 130 trillion won) in India over 15 years.
On the 10th (local time), according to local Indian media, Piyush Goyal, India's Minister of Commerce and Industry, held a press conference in New Delhi and announced that India and EFTA have signed the "Trade and Economic Partnership Agreement" (TEPA) after about 16 years of negotiations.
Guy Parmelin, Swiss Federal Minister of Economic Affairs, Education and Research, who attended the press conference, introduced this agreement as the result of 21 rounds of negotiations. He also described India as a tremendous market opportunity for trade and investment.
On November 9 last year (local time), officials took photos at the European Free Trade Association (EFTA) Economic and Financial Consultation held in Brussels, Belgium. EPA/Olivier Hoslet Photo by EPA
In return for this investment, the four European countries will be able to more easily enter the Indian markets for processed foods, beverages, and electrical machinery. The pharmaceutical and medical device industries of these European countries are also expected to benefit.
EFTA was established in 1960 as a counterbalance to the European Union (EU). At its inception, many European countries including the United Kingdom and Austria were members, but currently only four countries remain: Switzerland, Norway, Iceland, and Liechtenstein. EFTA, one of the world's top 10 commodity trading organizations, has so far signed trade agreements with 40 countries outside the EU member states.
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