India and four members of the European Free Trade Association (EFTA) on Sunday signed a $100 billion free trade deal to boost investment and exports, AFP reported.

Under the deal, the EFTA, made up of non-EU countries Norway, Iceland, Switzerland and Liechtenstein, will invest $100 billion in India, the world’s fifth-largest economy, over 15 years, Indian Commerce Minister Piyush Goyal said. .

“The India-EFTA Economic and Trade Partnership Agreement marks a historic milestone in our expanding partnership,” Goyal said after signing the agreement in New Delhi.

Agreement with India for 16 years

He added that it would “pave the way for growth and shared prosperity” by increasing exports, encouraging investment and creating jobs.

The agreement was signed after several rounds of negotiations that lasted 16 years.

Indian Prime Minister Narendra Modi stressed that the trade agreement “symbolizes our shared commitment to open, fair and just trade,” according to a statement read at the signing ceremony.

For his part, Swiss Economy Minister Guy Parmelin welcomed the agreement, which “will allow us to better exploit our economic potential and create additional opportunities for India and the EFTA countries.”

“In return, India will attract more foreign investment from the EFTA, which will ultimately lead to the creation of more quality jobs,” he added in the Indian capital.

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EFTA was established in 1960 to promote free trade and economic integration among its members.

In 2021, it was the world’s tenth largest trading power in goods and eighth in services.

In recent years, India has signed trade agreements with Australia and the United Arab Emirates, and negotiations are ongoing with the United Kingdom.