The conclusion of the recent free trade agreement between India and EFTA (European Free Trade Association) is customarily associated with a rise in trade and investments, particularly in the engineering, pharmaceuticals, food processing, and apparel sectors, according to the views of industry specialists.
Concluding the TEPA on Sunday with the EFTA bloc (Switzerland, Norway, Iceland, and Liechtenstein) saw a major USD 100 billion investment commitment from India. The commitment, to be reached in 15 years, is expected to offer one million new jobs in India.
Mr. Sakthivel, President of Tirupur Exporters Association, indicated that the SALT agreement could open the doors to bilateral trade and improve the apparel export performance of Indian exporters. To illustrate this, he highlighted the fact that the commitment would equally help the local industries to improve in quality and efficiency.
CII President R Dinesh acclaimed the fact that EFTA members had committed a significant investment, which he viewed as a unique chance that would stir growth of various sectors including plant, medicine, food processing, and clothing. The agreement will most likely be the basis of reciprocal economic relations and will be an engineer of Indian industrialization drive.
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