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India will remove most tariffs on four European countries in a “watershed” deal expected to bring $100 billion worth of investment over 15 years and create 1 billion jobs in the world’s fifth-largest economy .
The trade deal with EFTA countries, which are not part of the EU, was signed ahead of the country’s general election in the coming months, which could give Prime Minister Modi a third consecutive term.
The Indian government has finalized a series of major trade deals over the past few years, and a deal with the UK is in the pipeline.
Indian Prime Minister Narendra Modi said this “marks a new turning point and watershed in bilateral relations between India and the countries of Switzerland, Iceland, Norway and Liechtenstein (European Free Trade Association)” said in a comment shared onformerly Twitter.
India expects this free trade agreement to stimulate its major exports in areas such as IT services, business services, audio-visual services, etc. Commerce and Industry Minister Piyush Goyal said.
According to reports, the agreement also contains provisions for mutual recognition in professional services such as nursing, chartered accountants and architects. Released by the Government of India.
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