Business news : India and EFTA will sign trade agreement

India and the European Free Trade Association (EFTA) will sign a free trade agreement. Which is likely to help in promoting investment and exports in major domestic service sectors like transport, IT, audio-visual sector. It is noteworthy that the members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland.

India and other countries will benefit
For the first time in the history of free trade agreements (FTAs), EFTA is expected to include in the agreement a legal commitment regarding promoting investment and job creation in India, the official privy to the matter said. This agreement is likely to benefit sectors related to almost all industrial goods exported from India.

Can get access to more markets in EFTA countries
Another official said Indian processed agricultural products may also get greater market access in EFTA countries. Besides, sectors like pharma, medical devices and processed food are also expected to be included in the agreement. Items such as soya, dairy and sensitive agricultural products will be placed on the exclusion list, meaning no duty concessions will be given in the agreement for these items.