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There was a free trade agreement between 4 countries of India and Europe on 10 March.
The Free Trade Agreement (FTA) came into force from Wednesday between EFTA, a group of four countries in India and Europe (Switzerland, Norway, Iceland and Liechtenstein). This is India’s first FTA with these four developed European countries.
The special feature of the agreement is that it includes binding commitment to investment and employment for the first time. That is, these four countries will invest $ 100 billion (about 8.86 lakh crore rupees) in India in the next 15 years. This will directly create about 1 million jobs.
EFTA has given a fee exemption on 99.6 per cent exports (92 per cent tariff lines) of the country. India also gave concessions on 82.7 percent tariff lines. However, sensitive sectors like pharma, medical devices, processed food, dairy, soy, coal and some agricultural products have been given protection in this agreement.
There will be no change on gold, because India has more than 80% EFTA to import gold. IT, education, business services and audio-visual services will be promoted. Agreement in areas such as nursing, chartered accountancy and architecture will provide new opportunities to Indian professionals.
7 points, which have a direct impact on you
- What will be cheap: Many European products will be cheaper in the Indian market due to the reduction of tariffs on imports (tariffs). Many products like Switzerland’s wine, chocolate, clothes, biscuits, grapes, dry fruits, vegetables, coffee and watches will become cheap in India.
- Which Indian products will increase demand abroad: Indian products such as rice, pulses, fruits (mangoes, grapes), coffee, tea, sea products, textiles, toys and engineering goods will sell more in European markets. This benefit farmers, small industries and exporters.
- What benefits in technology: Europe’s advanced technology will come to India. Such as-renewable energy, medical research, smart electronics. India will improve the standard of living, India will become technically stronger.
- Which sector benefits: India’s engineering goods, electronic items, chemicals and plastic products will also benefit from this agreement.
- Where will duty be removed: India will end the duty on Cod Liver Oil, Fish Body Oil and Smartphone in the next 5 years. In 7 years, duty on olive oil, cocoa, corn flex, instant tea, machinery, bicycle parts, watches etc. will be lost. In 10 years, duty on avocado, appriot, coffee, chocolate and medical equipment will also end.
- Where can you get benefits in the service sector: India has given access to EFTA in 105 sub-sectors, while India has got better access in Switzerland, 114 from Norway, 107 from Liechtenstein and 110 sub-sector from Iceland.
- How to benefit films: European market will also open for Indian film, OTT, music and gaming companies. Global access and revenue of Bollywood and Indian digital content will increase. New doors of occasions will also open for artists and production houses in the creative industry.
India has signed FTA from 16 countries
India has so far signed FTA with 16 countries/blocks. These include Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, Korea, Japan, Australia, UAE, UK, Mauritius and ASEAN. After 2014 India has done 5 FTA- with Mauritius, UAE, Australia, EFTA and UK. Apart from this, the US, Oman, European Union, Peru, Chile, New Zealand and Israel are also interacting for the free trade agreement.
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