The European Free Trade Association (EFTA), consisting of India and Iceland, Liechtenstein, Norway and Switzerland, signed an economic and commercial partnership agreement. According to this TASSThe ceremony took place in New Delhi.
“The signing of the agreement marks the culmination of almost 15 years of hard work. India’s Commerce Minister Piyush Goyal said the event is significant and will provide every support to India’s partners to achieve and exceed their goals.”
The agreement signed over the next 15 years is expected to generate an investment flow of $100 billion from EFTA countries. The association is considering the possibility of investing in Indian joint ventures in the pharmaceutical industry, including medical equipment. such as in the chemical and engineering sectors.
The agreement also aims to increase trade flows, job creation and economic development. According to the Indian side, the trade deficit of 18.58 billion dollars in 2022 will be reduced with EFTA. India’s largest export items to the association countries were chemicals, pharmaceuticals, clothing and jewellery.
Before this India was known reduces Purchase of oil from Russia due to US sanctions.
Previously China’s national debt hit Historical record in 2023.