India-EFTA TEPA completes one Year, Goyal highlights trade growth

The India-EFTA (European Free Trade Association) Trade and Economic Partnership Agreement (TEPA) completed one year on Thursday, with Commerce and Industry Minister Piyush Goyal highlighting its role in expanding trade and investment opportunities between India and the European Free Trade Association (EFTA) countries.TEPA, which came into force on October 1, 2025, links India with the four EFTA member states — Switzerland, Norway, Iceland and Liechtenstein.
In a post on X, Goyal described the agreement as a significant milestone in India’s economic engagement with the four European countries.

Today marks one year since the India-EFTA Trade and Economic Partnership Agreement (TEPA) came into force. ????????????????????????????????????????

The Agreement marks an important milestone in India's economic engagement with EFTA nations, which have committed to promoting USD 100 billion in investments in… pic.twitter.com/FVc2yGN1ES

— Piyush Goyal (@PiyushGoyal) October 1, 2026

Under the pact, EFTA countries have committed to promoting $100 billion in investments in India over the next 15 years, with the potential to create one million direct jobs. Goyal said the investment commitments would support India’s manufacturing sector and broader economic growth.The minister also said TEPA provides market access across 92.2 per cent of tariff lines, including complete coverage for agricultural products. At the same time, India has protected sensitive sectors such as dairy, soya, coal and certain agricultural products under the agreement.
Highlighting the early impact of the pact, Goyal said exports of several products have recorded significant growth since TEPA came into force. He specifically pointed to strong growth in exports of motor cars and other motor vehicles.“This is just the beginning,” Goyal said, adding that the agreement is creating new opportunities for Indian exporters and paving the way for deeper economic cooperation with EFTA countries.
Norway has also highlighted early gains from the agreement. Norwegian Ambassador May-Elin Stener said bilateral goods trade between India and Norway increased by 9 per cent, while Norwegian exports to India grew by 34 per cent during the first nine months of TEPA.Speaking at an event organised with the Norwegian Seafood Council to mark the agreement’s first anniversary, Stener said there had been increased interest among Norwegian businesses in India.

The agreement has also opened greater opportunities for Norwegian seafood, including salmon, in the Indian market, while cooperation is expanding across sectors such as shipping, renewable energy, waste-to-biogas projects and medical technology.As TEPA completes its first year, both sides are looking to build on the initial trade and investment momentum and strengthen the broader economic partnership between India and the EFTA bloc.

(Business Correspondent)