Minister of Commerce and Industry Piyush Goyal highlighted key achievements of his ministry over the past fortnight, including the launch of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), as well as his discussions with UK Prime Minister Keir Starmer in Mumbai aimed at enhancing bilateral trade and investment.
The TEPA, which has officially come into force, sets a shared target of mobilizing $100 million in investments and generating one million direct jobs in India over the next 15 years. The four-nation EFTA bloc, consisting of Switzerland, Norway, Iceland, and Liechtenstein, has offered duty concessions on 92.2% of its tariff lines, encompassing nearly 99.6% of India’s exports to the region. India, in return, is providing tariff concessions on 82.7% of its trade lines, covering 95.3% of EFTA exports, although gold duties remain unchanged.
For Indian consumers, the agreement promises reduced tariffs on popular EFTA goods, including Swiss watches, whisky, and chocolates. Beyond goods, the pact includes provisions for mutual recognition of services, enabling professionals such as nurses, chartered accountants, and architects to work across EFTA countries. Intellectual property rights also feature prominently, with specific measures addressing India’s concerns regarding patent protection and the practice of evergreening in pharmaceutical products.
In parallel, Goyal engaged with UK Prime Minister Keir Starmer in Mumbai, focusing on strengthening trade and economic ties between India and the UK. He also held discussions with Peter Kyle, the UK Secretary of State for Business and Trade, to further advance bilateral trade and investment opportunities. These high-level meetings underscore India’s proactive approach to expanding its global economic partnerships, boosting trade flows, and fostering job creation.
With the TEPA now in effect and India-UK negotiations progressing, India aims to solidify its position as a global trade hub while opening avenues for substantial investments, new employment opportunities, and enhanced collaboration in services and intellectual property sectors.
