India signs trade pact with EFTA countries

India has signed trade agreements with EFTA nations including Iceland, Liechtenstein, Norway and Switzerland on 10th of March in New Delhi.

India has pledged to drop tariffs on industrial products from countries for $100 billion in investment over 15 years. Modi is aiming to achieve annual exports of $1 trillion by 2030. In recent years, India has signed trade agreements with Australia and the United Arab Emirates.

India is the EFTA bloc's fifth-largest trading partner after the European Union, the United States, the United Kingdom and China. New Delhi's Trade Ministry estimated two-way trade with the group amounted to $25 billion in 2023.