The Ministry of Commerce and Industry detailed in a statement that the agreement was signed on March 10 last year in New Delhi and stressed the importance of EFTA, comprising Iceland, Liechtenstein, Norway and Switzerland, as a regional grouping with numerous growth opportunities to boost the exchange of goods and services.

The Ministry described the mechanism as modern and ambitious, incorporating, for the first time in a free trade agreement signed by India, a commitment linked to investment and job creation.

The official entity specified that it is also aimed at promoting investment and intellectual property rights, trade and sustainable development.

Under it, EFTA market access covers non-agricultural products and tariff concessions for processed agricultural products.

It also provides a binding commitment to invest US$100 billion in India over the next 15 years and will facilitate the generation of one million direct jobs through such investment.

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