India-EFTA close to finalise $100 bln trade agreement deal

India is on the brink of concluding a trade agreement that could see a small group of European nations investing up to $100 billion over 15 years to facilitate smoother trade access to the country, Bloomberg News reported on Wednesday. The European Free Trade Association (EFTA), consisting of Norway, Iceland, Liechtenstein, and Switzerland, has pledged to invest as part of a trade pact that is currently in its final stages of negotiation, Bloomberg reported, citing people familiar with the matter. The investment in India from the EFTA countries would see more than 1 million jobs created, adding that the investment would be aimed at existing and new manufacturing projects, and will mostly come from state-sponsored organizations and private businesses, the report said. The trade deal will ensure market access for some agricultural projects, and guarantee easier movement of Indian professionals to EFTA countries, Bloomberg said. India’s Commerce Ministry did not immediately respond to a request for comment and EFTA declined to comment on the report. Last month, the country’s Information Technology Minister Ashwini Vaishnaw told Reuters India is eyeing $100 billion in annual foreign direct investment (FDI) “in the next few years”. India has been attracting investments from several countries, such as the United Arab Emirates, which is considering investing as much as $50 billion. With inputs from Reuters.