🇮🇳 Narendra Modi
Indias first FTA with any economic bloc in Europe: PM Modi highlights $100 bn investment goal in meet with Swiss Prez Parmelin
What happened
Prime Minister Narendra Modi and President of the Swiss Confederation Guy Parmelin exchanged several Memoranda of Understanding (MoUs) in New Delhi, including a Trade and Economic Partnership Agreement (TEPA), which implemented India's first FTA with an economic bloc in Europe. The agreement aims to facilitate investment, jobs, and mutual prosperity, with a goal of $100 billion investment and 10 lakh direct jobs in India in the next 15 years. The MoUs also include agreements to enhance market ac
Why it matters
The agreement is significant for India's growing economic ties with Europe, particularly with Switzerland, which is India's primary trade and investment partner among EFTA member states. The agreement is expected to increase exports of Indian goods such as agriculture, pharma, textile, and engineering products to Switzerland, and attract new investment in key sectors.
Key facts
- India's first FTA with an economic bloc in Europe
- Implementation of the Trade and Economic Partnership Agreement (TEPA)
- $100 billion investment goal in India in the next 15 years
- 10 lakh direct jobs in India in the next 15 years
- Enhanced market access for India's exports in Switzerland.
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