New Chapter in Trade: India-EFTA Partnership Goes Live

The India-EFTA Trade and Economic Partnership Agreement, known as TEPA, officially takes effect on October 1, as announced by Union Commerce and Industry Minister Piyush Goyal during an ASSOCHAM event in Mumbai. The comprehensive deal, now ratified by all participating countries, marks a significant step in bolstering trade relations.

Signed on March 10, 2024, the agreement involves the European Free Trade Association (EFTA) members - Iceland, Liechtenstein, Norway, and Switzerland - alongside India. The TEPA framework is designed to enhance trade relations by focusing on shared principles such as sustainable development and corporate social responsibility, while laying out new grounds for economic collaboration.

EFTA, established in 1960 to promote free trade, commits to investing over USD 100 billion in India's economy over the next 15 years, aiming to create 1 million direct jobs. Switzerland stands as India's largest trading partner within the EFTA bloc. Addressing further trade ambitions, Minister Goyal emphasized India's strategic approach towards international agreements, ensuring they align with national interests.

(With inputs from agencies.)