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India - EFTA Trade Deal | Free Trade Agreement with Iceland, Liechtenstein, Norway, and Switzerland

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The major news currently is that India has signed a Trade Agreement with EFTA Countries on 10th March 2024.

EFTA, which stands for European Free Trade Association, comprises four countries: Iceland, Liechtenstein, Norway, and Switzerland.

Under this Trade deal, EFTA Countries will invest $100 billion USD in India over the next 15 years. In return, India will reduce import duties on products imported from these countries, including chocolates, wine, watches, machinery, and other industrial goods.

Overall, it is expected to be a win-win situation for both parties. With such a large investment, approximately 10 lakh new jobs are expected to be created in India.

While the Trade Deal has been signed recently, it will take some time for implementation.

Additionally, it is also reported that in the next few days, India will sign an FTA with Oman.

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