NEW DELHI: India and the four-member European trade bloc EFTA, including Norway and Switzerland, signed a $100-billion free trade agreement on Sunday to promote investment and exports, officials said.
The deal will see the European Free Trade Association (EFTA) — made up of non-European Union nations, including Iceland and Liechtenstein — invest $100 billion over 15 years in India, the world’s fifth largest economy, India’s Trade Minister Piyush Goyal said.
“The India-EFTA Trade and Economic Partnership Agreement (TEPA) marks a historic milestone in our growing partnership,” Goyal said after the signing in New Delhi.
The agreement “will pave the path for mutual growth and prosperity” by boosting exports, promoting investment and creating employment, he added.
The deal was signed after several rounds of negotiations spanning 16 years.
Indian Prime Minister Narendra Modi said the trade agreement “symbolizes our shared commitment to open, fair and equitable trade,” according to a statement read out at the signing ceremony.
Swiss Economy Minister Guy Parmelin said the deal “will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA states.”
“EFTA countries gain market access to a major growth market... India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs,” he added, speaking in New Delhi.
EFTA was established in 1960 to promote free trade and economic integration between its members. In 2021, it was the 10th largest trader in the world in terms of merchandise, and the eighth largest in services.
In recent years, India has signed trade agreements with Australia and the United Arab Emirates.
A long-talked-about trade deal with Britain is also said to be in the final stages.
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India, European EFTA bloc sign $100 billion free trade deal
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India, European EFTA bloc sign $100 billion free trade deal
- The agreement was signed after several rounds of negotiations spanning 16 years
- PM Modi says deal ‘symbolizes shared commitment to open, fair and equitable trade’
Minister walks out of film festival after accusations of German role in Gaza ‘genocide’
BERLIN: A German minister walked out of the awards ceremony of the Berlin Film Festival after a prize-winning director accused Germany of complicity in the “genocide” committed by Israel in Gaza.
Social Democratic Environment Minister Carsten Schneider left the ceremony on Saturday evening because of “unacceptable” remarks, his ministry said.
Syrian-Palestinian director Abdallah Al-Khatib, who picked up a prize for Best First Feature Award with his “Chronicles from the Siege,” said in his speech that the German government “are partners in the genocide in Gaza by Israel. I believe you are intelligent enough to recognize this truth.”
Schneider was the only member of the German government attending the ceremony though he was not representing it, his ministry told AFP.
The Ministry of Culture, contacted by AFP to find out the reason for the absence of its minister Wolfram Weimer, did not respond immediately.
A leading member of Chancellor Friedrich Merz’s conservative party, Alexander Hoffmann, denounced what he said were “repugnant scenes” of “antisemitic” during the ceremony.
“The accusations of genocide, the antisemitic outbursts, and the threats against Germany at the Berlinale are absolutely unacceptable,” Hoffmann, head of the Christian Social Union, the Bavarian party allied with Merz’s Christian Democratic Union, told the Bundestag.
The CDU mayor of Berlin Kai Wegner told newspaper Bild that “The open display of hatred toward Israel is in direct contradiction with what this festival represents.”
The backdrop of the conflict in the Middle East led to a tense 76th edition of the festival.
More than 80 film professionals criticized the Berlinale’s “silence” on the war in Gaza in an open letter, accusing the festival of censoring artists “who reject the genocide” they believe Israel has committed in Gaza.
Award-winning Indian writer Arundhati Roy withdrew from the festival after jury president Wim Wenders said cinema should “stay out of politics” when asked about Gaza.
Social Democratic Environment Minister Carsten Schneider left the ceremony on Saturday evening because of “unacceptable” remarks, his ministry said.
Syrian-Palestinian director Abdallah Al-Khatib, who picked up a prize for Best First Feature Award with his “Chronicles from the Siege,” said in his speech that the German government “are partners in the genocide in Gaza by Israel. I believe you are intelligent enough to recognize this truth.”
Schneider was the only member of the German government attending the ceremony though he was not representing it, his ministry told AFP.
The Ministry of Culture, contacted by AFP to find out the reason for the absence of its minister Wolfram Weimer, did not respond immediately.
A leading member of Chancellor Friedrich Merz’s conservative party, Alexander Hoffmann, denounced what he said were “repugnant scenes” of “antisemitic” during the ceremony.
“The accusations of genocide, the antisemitic outbursts, and the threats against Germany at the Berlinale are absolutely unacceptable,” Hoffmann, head of the Christian Social Union, the Bavarian party allied with Merz’s Christian Democratic Union, told the Bundestag.
The CDU mayor of Berlin Kai Wegner told newspaper Bild that “The open display of hatred toward Israel is in direct contradiction with what this festival represents.”
The backdrop of the conflict in the Middle East led to a tense 76th edition of the festival.
More than 80 film professionals criticized the Berlinale’s “silence” on the war in Gaza in an open letter, accusing the festival of censoring artists “who reject the genocide” they believe Israel has committed in Gaza.
Award-winning Indian writer Arundhati Roy withdrew from the festival after jury president Wim Wenders said cinema should “stay out of politics” when asked about Gaza.
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