India is poised to take its trade ties with key European nations to the next level with a landmark free trade agreement with the EFTA bloc set to be sealed on March 10th. The pact between India and the four nations of Iceland, Liechtenstein, Norway and Switzerland promises to open up significant opportunities for businesses on both sides by removing tariff and non-tariff barriers.
Sources indicate that intensive negotiations over recent months have cleared the way for a breakthrough agreement to be finalized this weekend. Once in effect, it will liberalize trade in a wide array of sectors ranging from manufactured goods and pharmaceuticals to automobiles and engineering products. Two-way investments are also likely to surge as mutual market access expands across both regions.
The signing of the EFTA-India FTA could prove to be a major milestone in the country’s emerging trade strategy of diversifying partnerships globally. It comes amid India’s ongoing efforts to conclude similar trade deals with the United Kingdom and Oman in the coming weeks before upcoming elections. By inking these pacts ahead of schedule, it ensures continuity of New Delhi’s international commercial engagements despite model code of conduct that may restrict fresh negotiations.
