India has announced a trade pact with four small European countries featuring what New Delhi described as a “binding” commitment by the partner states to invest $100bn and create 1mn jobs over 15 years.
The deal was struck after more than 15 years of negotiations with the European Free Trade Association, whose members are Switzerland, Iceland, Norway and Liechtenstein, none of which are big trading partners for New Delhi.
The announcement comes days before Prime Minister Narendra Modi is due to announce dates for a national election, in which his government’s economic record over the past five years, including on negotiating free trade agreements, will be in focus.
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