India-EFTA free trade deal comes into force; to strengthen ‘Make in India’, says minister

The free trade deal between India and the European Free Trade Association (EFTA) - a bloc of four nations - has come into force, Union commerce minister Piyush Goyal said on Wednesday, adding that the FTA will further strengthen 'Make In India' by bringing with it investments of $100 billion and creating one million direct jobs.

- Rajeev Jayaswal

Union minister Piyush Goyal with officials and business persons o India and EFTA countries at the Prosperity Summit. X-SECO_STATESE

This is perhaps the first free trade agreement (FTA) which has an investment commitment "to balance and make the two sides equitable", he said at the India-EFTA Prosperity Summit in New Delhi where officials and business persons of India and EFTA countries - Norway, Switzerland Iceland and Liechtenstein - were present.

His comments referred to the EFTA's investment commitment to make the trade deal equitable and a win-win for both sides. While India offered them access to its vast and growing market, relatively smaller in population and market-size, the four developed European nations reciprocated by offering a $100 billion investment commitment in India over 15 years.