New Delhi: Union Minister of Commerce & Industry, Piyush Goyal, has highlighted that the landmark Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) States—Iceland, Liechtenstein, Norway, and Switzerland—is set to bring capital, advanced technology, and new job opportunities to India.
The agreement officially came into force on 1 October, marking a significant milestone in the trade and economic relations between India and the EFTA nations.
Addressing the India-EFTA Prosperity Summit, Goyal stated that TEPA opens up fresh avenues for collaboration in investment, innovation, technology, and people-to-people engagement.
“TEPA is a landmark framework that goes beyond trade, strengthening investment, technology, innovation, and people-to-people ties. It unlocks opportunities for EFTA partners in one of the world’s fastest-growing markets, while providing India access to capital, cutting-edge technology, and employment opportunities,” he said.
The minister emphasized that TEPA is more than a trade agreement—it reinforces overall economic relations between India and the EFTA States.
An official statement from the Ministry of Commerce and Industry noted that the agreement represents a concrete step toward building stronger economic bridges. TEPA is expected to expand total trade, deepen value-chain integration across goods, services, and investment, and promote cooperation on standards and regulatory frameworks.
India, the fastest-growing major economy, is on track to become the world’s third-largest economy. The EFTA States are global leaders in both merchandise and services trade. Together, they represent a combined GDP of around USD 5.4 trillion, providing a solid foundation for deeper economic integration under the agreement.
TEPA is anticipated to bring long-term benefits, including resilient and integrated supply chains, increased trade and investment flows, and new employment opportunities. The agreement will also improve market access and streamline customs procedures, facilitating easier expansion for Indian and EFTA businesses.
The Ministry added that the framework will foster investment opportunities, creating a conducive environment for innovation and business growth. Trade in goods between India and the EFTA States has been steadily increasing, while services trade has nearly doubled over the past decade.
Under TEPA, both sides aim to substantially boost two-way trade. The agreement was signed on 10 March 2024 in New Delhi and reflects a shared commitment to building resilient global supply chains and strengthening ties as trusted partners.
