India says Europe trade group commits to $100-bln 15-year deal

India will lift most import tariffs on industrial products from four European countries in return for investment of $100 billion over 15 years, its trade minister said, in an economic pact signed on Sunday that concluded nearly 16 years of negotiations.
The deal follows trade pacts over the last two years with Australia and the United Arab Emirates, while officials say a another, with Britain, is in its final stages, as Prime Minister Narendra Modi aims for annual exports of $1 trillion by 2030.
It envisages that the European Free Trade Association, comprised of Switzerland, Norway, Iceland and Liechtenstein, will invest $100 billion over 15 years in India’s fast-growing market of 1.4 billion people, Trade Minister Piyush Goyal said.
In turn, India will lift, or partially remove, very high customs duties on 95.3% of industrial imports from Switzerland, excluding gold, either immediately or over time, the Swiss government said in a statement.