New Delhi, Mar 10 (PTI) The free trade agreement between India and the four European nation bloc EFTA will help boost trade and investments in the country in sectors such as engineering, pharma, food processing, and apparel, says the industry.
India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received a USD 100 billion investment commitment from these four European countries.
The investment commitment by the companies of the grouping – Switzerland, Norway, Iceland and Liechtenstein – would be executed over a period of 15 years and facilitate creation of one million direct jobs in India.
Industrialist and Tirupur Exporters Association President A Sakthivel said that the pact would help promote two-way commerce and help Indian apparel exporters increase their shipments.
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“The investment commitment will boost domestic manufacturing,” Sakthivel said.
Industry body CII President R Dinesh said that the “unique” pledge by EFTA members on USD 100 billion investment will help sectors such as engineering, pharmaceuticals, food processing, apparel and others to grow.
“It will also help both sides to address third markets together,” Dinesh said in a statement.
Sharing similar views, trade expert and Hi-Tech Gears Chairman Deep Kapuria said that EFTA is an important trading block as it is amongst the top ten in the world in trade in goods and services.
“EFTA also has an extensive network of FTAs. Currently, it has trade agreements outside the EU with more than 30 countries, which covers 41 countries worldwide. India’s FTA with EFTA would help it in integrating with the wider world market,” Kapuria said.
He added that the EFTA countries are also a major source of outward investment, particularly in pharma, energy and medical devices.
“Hence the FTA would also help India attract FDI from EFTA members,” Kapuria added.
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