India and the European Free Trade Association (EFTA) have officially brought the Trade and Economic Partnership Agreement (TEPA) into force. The agreement sets a target of $100 billion investment over 15 years and aims to create one million direct jobs in India.
New Delhi, October 1 – The Prosperity Summit in New Delhi marked the entry into force of the India–EFTA Trade and Economic Partnership Agreement (TEPA). The agreement includes a $100 billion investment objective spread over 15 years and is expected to generate one million direct jobs in India. It also provides Indian businesses wider access to goods and services markets in Switzerland, Norway, Iceland, and Liechtenstein.
Union Minister of Commerce and Industry, Shri Piyush Goyal, praised the successful conclusion of TEPA, calling it a “trusted partnership between friends.” He said the agreement is historic as it is the first trade pact with a firm investment commitment, ensuring fairness and balance between partners.
Goyal highlighted that TEPA opens opportunities in multiple sectors including life sciences, clean energy, artificial intelligence, education, tourism, accountancy, precision engineering, and shipbuilding. He underlined India’s strengths in scale and talent, and EFTA’s strengths in finance, innovation, and technology. He added that the partnership would deliver inclusive growth and sustainability.
The Minister noted that TEPA’s commencement coincided with Navami and Vijaya Dashami, symbolising prosperity and victory. He assured EFTA businesses of India’s open and investor-friendly policies, with 100% FDI permitted in most sectors.
Swiss State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, described the pact as a “win-win partnership.” She said companies from Switzerland and other EFTA nations are committed to investing in India’s growth story. Commerce Secretary Shri Rajesh Agrawal added that TEPA reflects global confidence in India’s economy, which is on track to become the world’s third largest.
The agreement will be implemented through sector-specific roadmaps, outreach to MSMEs, logistics improvements, and skill development programs. It will benefit Indian farmers, exporters, and service providers by reducing trade barriers and improving access to EFTA markets.
The Prosperity Summit also witnessed investment announcements by companies from EFTA countries, signalling strong business interest. TEPA is expected to deepen trade and economic engagement over the next two to three decades, combining India’s scale with EFTA’s expertise.
Piyush Goyal, in a post on X, called TEPA a “landmark framework” that strengthens investment, technology, innovation, and people-to-people ties. He said it opens new opportunities for EFTA partners in India’s fast-growing economy while bringing India access to advanced technology, capital, and jobs.
Source: PIB
