Major free trade deal inked with European bloc

New opportunities: Workers inside the Serum Institute of India in Hadapsar, Pune. The new trade agreement is set to boost exports of pharmaceuticals, garments, chemicals and machinery. — AFP

NEW DELHI: India has signed a free trade pact with a group of European nations – Switzerland, Norway, Iceland and Liechtenstein – committing to reduce tariffs, while New Delhi receives US$100bil in investments over the next 15 years.

India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement yesterday.