Partnership with EFTA to bring in $100B investment: PM Modi
What's the story
Prime Minister Narendra Modi on Monday announced that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will bring in $100 billion worth of investments. The agreement is expected to generate 10 lakh direct jobs over the next 15 years. Modi made this announcement while speaking alongside Swiss President Guy Parmelin after delegation-level talks in New Delhi.
Economic impact
TEPA aims to enhance economic cooperation
The TEPA is India's first free trade agreement with a European economic bloc.
It aims to enhance economic cooperation by increasing Indian exports of agricultural, pharmaceutical, textile, and engineering products to Switzerland.
At the same time, it will also attract Swiss investments in biotechnology, life sciences, banking, and insurance, among other sectors.
Migration agreements
Agreements to strengthen migration and mobility cooperation
Apart from TEPA, India and Switzerland also signed agreements to strengthen migration and mobility cooperation.
These agreements are aimed at creating opportunities for Indian students, researchers, and young professionals in Switzerland.
Modi highlighted that the connections between people are a crucial foundation of the relationship between the two nations, and the new agreements will open up more opportunities for Indian youth.
Diplomatic visit
Visit will boost India-Switzerland relations further: Parmelin
President Parmelin is on a three-day state visit to India. During his visit, he will also attend the India-EFTA Prosperity Summit on October 7.
The summit will mark one year since TEPA was operationalized. The two sides are expected to expand cooperation in trade, investment, science, and technology during this time.