India secures £80 billion trade deal with non‑EU European quartet

India has inked a significant free trade agreement valued at around £80 billion with a quartet of European countries not part of the European Union: Norway, Switzerland, Iceland, and Liechtenstein, the BBC reports.

The pact with the European Free Trade Association (EFTA) culminates nearly 16 years of discussions, according to the BBC.

Under the agreement's terms, India will eliminate most import tariffs on industrial products from Norway, Switzerland, Iceland, and Liechtenstein. This move comes in exchange for investments estimated at £80 billion, to be dispensed over 15 years.

These investments are expected to span various sectors, including pharmaceuticals, machinery, and manufacturing.

The Indian Prime Minister, Narendra Modi, highlighted in an official release that this agreement marks a milestone, pointing to the "dedication towards stimulating economic growth and generating job opportunities for the youth."

Looking forward, Modi expressed optimism, stating, "The future holds the promise of increased prosperity and mutual development as we enhance our engagement with the EFTA countries."