European Free Trade Association

Last year, it signed a $100bn free trade agreement with the European Free Trade Association - a group of four European countries that are not members of the European Union - after almost 16 years of negotiations.

It has signed a trade and investment deal with the European Free Trade Association, which is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland.

India on its part committed to reducing import tariffs on industrial products from the four European countries that comprise the European Free Trade Association, or EFTA.

The government introduced legislation to block acquisitions of stakes of 10% or more in listed companies by entities from outside the European Union and European Free Trade Association to try to prevent hostile takeovers of companies whose value had plummeted since the COVID-19 pandemic.

In a bid to protect companies whose value had plummeted since the COVID-19 pandemic from hostile takeovers, the Spanish government has had the power to block acquisitions of stakes of 10% or larger in listed companies by entities from outside the European Union and European Free Trade Association.