Historic Trade Agreement Set to Transform India-EFTA Relations

The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is officially launching on October 1, as confirmed by Commerce and Industry Minister Piyush Goyal. This landmark deal, signed after 16 years of negotiations, marks a new era in bilateral trade and investment.

Unprecedented Investment and Job Creation

The EFTA bloc, including Switzerland, Iceland, Norway, and Liechtenstein, pledges a groundbreaking $100 billion investment in India over 15 years, aiming to generate one million direct jobs. This commitment is split into two phases, ensuring sustained economic growth and employment opportunities.

Market Access and Sectoral Benefits

India reciprocates by opening its markets to EFTA exports, offering concessions on 82.7% of its tariff lines. This move is set to make Swiss goods like watches and chocolates more affordable in India. Additionally, the services sector sees mutual benefits, with India gaining access to over 100 sub-sectors in each EFTA country.

Strategic Opportunities for Indian Exporters

The agreement also serves as a gateway for Indian businesses to integrate deeper into European Union markets, leveraging Switzerland's strong trade ties with the EU. This strategic advantage is expected to boost India's global trade footprint significantly.