Free Trade Agreement: The Free Trade Agreement (FTA) was signed on Sunday between India and EFTA, an organization of 4 European countries. Under this agreement, EFTA members Iceland, Liechtenstein, Norway and Switzerland will invest about $ 100 billion in India in 15 years. This will create about 10 lakh new jobs. Also, European goods will be easily available in India at cheaper rates. Indian products will also be seen extensively in these four countries. Let us take a look at which European goods will become cheaper in India.
Everyone will benefit from reduced fees
Actually, due to this deal, India will reduce the duty on goods and services coming from these four countries. Customers will directly benefit from this. The goods of EFTA members (Iceland, Liechtenstein, Norway, Switzerland) are already quite popular in India. Therefore this agreement is being considered very important. Prime Minister Narendra Modi also praised this deal and said that it will benefit India a lot.
Relief to both government and consumers
India EFTA trade deal will provide relief not only to the government but also to the consumers. In the financial year 2022-23, there was trade of $18.65 billion between India and these countries. But, India's trade deficit in this was 14.8 billion dollars. Apart from this, this figure was also much less than the $27.23 billion trade of the financial year 2021-22.
Know what will become cheaper
After this deal, Swiss watches, pharma products, fertilizers, chocolate, minerals, textiles, smartphones, iron and steel products will be cheaper. Switzerland accounts for about 91 percent of the trade between India and Aefta. Swiss products are very much liked in India. But, these are quite expensive. Now after this deal, the favorite European goods of Indians will become cheaper in the country. India imposes 20 percent import duty on Swiss watches and 30 percent on European chocolate. The Government of India is trying to increase cooperation with these countries in research and development, banking and financial services, digital trade, biotechnology and food processing industry. Apart from this, seafood, Mediterranean fruits, coffee, oil, sweets, processed food, watches and liquor are also going to become cheaper.
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