The deal will see the European Free Trade Association (EFTA) — made up of non-European Union nations, including Iceland and Liechtenstein — invest $100 billion over 15 years in India, the world’s fifth largest economy, India’s Trade Minister Piyush Goyal said.
“The India-EFTA Trade and Economic Partnership Agreement (TEPA) marks a historic milestone in our growing partnership,” Goyal said after the signing in New Delhi.
The agreement “will pave the path for mutual growth and prosperity” by boosting exports, promoting investment and creating employment, he added.