Union Minister of Commerce and Industry, Piyush Goyal, urged Indian businesses to seize the opportunities presented by the India-EFTA Trade and Economic Partnership Agreement (TEPA), describing it as a landmark in India’s economic engagement with Europe. Speaking at an event commemorating two years of the agreement, he highlighted that the four EFTA countries—Switzerland, Norway, Liechtenstein, and Iceland—have made a legally binding investment commitment of US$100 billion.
The agreement is expected to generate around 1 million jobs in India and represents a unique model in global trade negotiations, combining a free trade framework with legally enforceable investment guarantees. It offers comprehensive market access across EFTA nations while creating avenues for collaboration in trade, technology, innovation, and services.
Goyal emphasised that the TEPA safeguards sensitive sectors in India, such as agriculture and dairy, and ensures that concessions are not granted to genetically modified products that may adversely affect domestic stakeholders. Early successes under the agreement include a US$30 million investment by Iceland in Maharashtra’s fisheries sector.
The minister added that the agreement is poised to strengthen partnerships between Indian businesses and European markets, while promoting technology collaboration, services trade, and enhanced investment flows. Industry bodies, including ASSOCHAM, have been encouraged to connect MSMEs, farmers, entrepreneurs, and professionals with the emerging opportunities provided under India’s trade agreements.
Goyal concluded that leveraging the India-EFTA TEPA can accelerate India’s economic growth, enhance global competitiveness, and solidify stronger trade and investment ties with Europe.
