India's trade deal with European bloc to attract $100B investment
What's the story
Union Minister Jayant Chaudhary has announced a landmark Trade and Economic Participation Agreement (TEPA) with a European FTA bloc. The pact is expected to draw an investment of $100 billion and generate one million jobs in India. The agreement, which emphasizes skill development and mutual recognition of skills, seeks to bolster global confidence in Indian talent.
Infrastructure development
Steps taken by the Centre
Chaudhary also highlighted the Indian government's efforts in capital formation, creating infrastructure, and attracting investments. He pointed out visible improvements across various sectors including ports, railways, and road networks. The minister emphasized that these developments are fundamental for any industry as well as for people and investors.
Trade ratification
Swiss government to ratify trade agreement
Speaking at the World Economic Forum Annual Meeting, Chaudhary disclosed that the Swiss government is expected to ratify a TEPA inked with a bloc of four European nations (Iceland, Liechtenstein, Norway and Switzerland). He expects the deal to come into effect from next year. The minister stressed that this is the first free trade agreement which will have a skill development component.
Skill recognition
Jobs to be created in these sectors
The trade agreement would ensure that skills acquired in India are recognized in these European nations. He added firms from these countries already employ 200,000 people in India, a number which is expected to increase fivefold due to this agreement. The new jobs generated by this agreement will cover sectors like manufacturing, heavy engineering, service, technology, sustainable development, and life sciences.