India, EFTA Ink Landmark Trade Deal

New Delhi: India has struck a landmark trade deal with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein. In exchange for investments totaling $100 billion over 15 years, India will reduce import tariffs on industrial goods from these countries. This agreement, marking the end of nearly 16 years of negotiations, is part of India's efforts to boost exports to $1 trillion annually by 2030. Under the pact, India will eliminate or reduce high customs duties on 95.3% of industrial imports from Switzerland, excluding gold. Norwegian goods will also enjoy reduced import taxes, benefitting from nil tariffs on most items. Source: Oman News Agency