India announced the signing of a contract worth 100 billion dollars with the European Trade Association

Foreign media quoted Indian Commerce Minister Piyush Goyal as reporting that the country has reached an agreement on signing a 15-year trade agreement with the European Free Trade Association with a total value of $100 billion.

The European Free Trade Association, including the countries of Switzerland, Norway, Iceland and Liechtenstein, has agreed to invest 15 years in India in exchange for the cancellation of import tariffs on Indian industrial products to these countries.

The Minister of Commerce of India called this trade agreement "modern, fair, equitable and win-win for all five countries".

According to this agreement, New Delhi will cancel most of the tariffs on the import of its industrial products to the member countries of the European Free Trade Association, and the countries of Switzerland, Norway, Iceland and Liechtenstein will invest $100 billion in India over the next 15 years.

According to Reuters, the Swiss government also confirmed the trade agreement in a separate statement and said that India will remove tariffs on 95.3 percent of the country's industrial imports over time.

Indian media reported that the agreement between India and the European Free Trade Association – comprising Switzerland, Norway, Iceland and Liechtenstein – ended nearly 16 years of negotiations.

India has signed similar trade deals with Australia and the United Arab Emirates in the past two years. Another deal with Britain is in its final stages, Indian officials say.