World
Trade agreement between India, four European countries
Under the agreement, all the five countries have to get the agreement ratified by their respective governments.
Mumbai: A trade agreement has been signed between India and four European countries, under which four European countries will invest 100 billion dollars in India.
According to the Indian media, an agreement has been reached after 16 years of negotiations between India, Switzerland, Norway, Liechtenstein and Iceland.
Under the agreement, the group of four European countries will invest 100 billion dollars in India over the next 15 years, in return India will remove tariffs on industrial products imported from these countries.
Indian officials stated that the negotiations with Britain for such an agreement are in the final stage, while India has also signed trade agreements with Australia and the United Arab Emirates (UAE).
Swiss officials added that India will completely eliminate or partially remove tariffs on more than 95 percent of industrial imports from Switzerland.
Norwegian Trade Minister said that there will be no import tax on products of Norwegian companies in India.
Under the agreement, all the five countries have to get the agreement ratified by their respective governments.