India-EFTA TEPA To Come Into Effect From October 1: Piyush Goyal
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India-EFTA TEPA To Come Into Effect From October 1: Piyush Goyal
The India-EFTA Trade and Economic Partnership Agreement (TEPA) will come into effect from October 1, Union Commerce and Industry Minister Piyush Goyal announced on Saturday. EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States. Among EFTA countries, Switzerland is the largest trading partner of India, followed by Norway.
On 10 March 2024, Member States of the European Free Trade Association – Iceland, Liechtenstein, Norway, and Switzerland, and India signed a comprehensive Trade and Economic Partnership Agreement (TEPA). EFTA-India FTA sets out the framework for the trade relations between the EFTA States and India by reflecting common principles, such as their commitment to sustainable development, good corporate governance and corporate social responsibility.
EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.EFTA has committed to promoting investments to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. The investments do not cover foreign portfolio investment.
The agreement incorporates and builds on the WTO Agreement on Trade Facilitation and includes provisions that are in line with relevant international standards and agreements. Among EFTA countries, Switzerland is the largest trading partner of India, followed by Norway.
Going further, speaking at the event, Goyal again reiterated the government’s stand on trade deals, stating that India will enter into international trade agreements only if they serve the country’s interests.
India-EFTA Free Trade Pact to Take Effect from October 1: Piyush Goyal
The Free Trade Agreement between India and the four-nation European bloc ‘European Free Trade Association’ (EFTA), will be implemented from 1st October. The two sides had signed the Trade and Economic Partnership Agreement (TEPA) on 10th March last year. The bloc has committed an investment of 100 billion dollars of which 50 billion doolares will be invested within 10 years after the implementation of the agreement and another 50 billion dollar in the next five years.
Mr Goyal said that all four countries have ratified the Free Trade Agreement and lodged their documents with the repository in Norway.
India and EFTA had signed the Trade and Economic Partnership Agreement (TEPA) on 10th March last year. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of 100 billion dollars of which 50 billion doolares will be invested within 10 years after the implementation of the agreement and another 50 billion dollar in the next five years. It will facilitate the creation of one million direct jobs in India.
The Minister reiterated that India will enter into international trade agreements only if they serve the country’s interests. India always keeps the country’s interests first. Mr Goyal said India always keeps the country’s interest first.
Speaking to an audience of industry leaders and entrepreneurs, the Minister stressed the importance of mindset change within the Micro, Small, and Medium Enterprises (MSME) sector. He called for a shift towards collective growth and mutual support between small and large firms. The Minister urged MSME stakeholders to actively inform the government about non-tariff barriers that are affecting their businesses.
Mr Goyal appeals to support each other and be vocal for local. He also emphasised the importance of Micro, Small, and Medium Enterprises (MSMEs), focusing on research, innovation, quality, and scaling up to compete globally.
The event was part of a broader dialogue series focused on India’s growth vision for Viksit Bharat-a developed India by 2047.
Trade deal with Iceland, Switzerland will be effective this October
The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will come into effect from October 1, 2025. The landmark agreement, signed on March 10, 2024, is tipped to attract significant foreign direct investment (FDI) and enhance trade relations across various sectors. A dedicated India-EFTA desk has been set up to promote trade, investment, as well as business partnerships.
Investment goals TEPA aims to draw $100B in FDI The TEPA aims to draw $100 billion in FDI into India over the next 15 years. To ensure its smooth implementation, a dedicated India-EFTA desk has been set up to promote trade, investment, as well as business partnerships. The desk will serve as a ‘single-window platform’ for both governments and private firms, easing access for EFTA-based investors into India’s growing sectors.
Economic impact TEPA includes investment roadmap The TEPA includes an investment roadmap of $50 billion in FDI in the first 10 years, and another $50 billion in the next five. This is likely to generate one million jobs in India as a direct result of increased investment and trade. However, such targets are contingent on India maintaining an average GDP growth rate of 9.5% in USD terms, which is consistent with its historical growth trend.
Trade expansion One of India’s most comprehensive trade agreements The TEPA is one of India’s most detailed trade agreements and is likely to open premium European markets for Indian exporters. It will also bring capital, innovation, and jobs into the country. For EFTA, this deal offers access to one of the world’s fastest-growing major economies, thereby expanding its footprint in South Asia amid global trade realignments.
Unique pledge A look at the EFTA bloc The EFTA bloc, which comprises Iceland, Liechtenstein, Norway, and Switzerland, has committed an investment of $100 billion under the TEPA. This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far. The commitment is the key substance of the agreement that took nearly 16 years to conclude.
India-EFTA trade deal to take effect from October 1, confirms Piyush Goyal
The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will become operational from October 1, Union Commerce and Industry Minister Piyush Goyal announced. As part of the pact, EFTA has pledged to boost foreign direct investment (FDI) in India by USD 100 billion over the next 15 years. This initiative is expected to generate one million direct jobs in India.
Mumbai: The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will become operational from October 1, Union Commerce and Industry Minister Piyush Goyal announced on Saturday.
“All countries have now ratified. Lodged their document with the repository, which was Norway, and from first October, EFTA will come into effect,” Goyal said while speaking at the ‘Creating Global Impact Towards Viksit Bharat’ session hosted by ASSOCHAM in Mumbai.
The agreement, signed on March 10, 2024, by India and EFTA member states — Iceland, Liechtenstein, Norway and Switzerland — marks a huge step forward in strengthening bilateral trade and investment cooperation.
The TEPA outlines the foundational principles for trade ties between India and the EFTA nations, with shared commitments to sustainable development, sound corporate governance and corporate social responsibility.
Established in 1960, EFTA is an intergovernmental organisation aimed at promoting free trade and economic integration among its four member states.
As part of the pact, EFTA has pledged to boost foreign direct investment (FDI) in India by USD 100 billion over the next 15 years. This initiative is expected to generate one million direct jobs in India. The proposed investment commitment excludes foreign portfolio investments.
The agreement also incorporates elements from the World Trade Organization’s Trade Facilitation Agreement and aligns with various international standards and accords.
Among EFTA nations, Switzerland leads as India’s top trading partner, followed by Norway.
At the event, Goyal reinforced the government’s cautious and strategic approach to trade agreements, stating that India will engage in such partnerships only when they align with national interests.