India-EFTA trade pact marks two years

New Delhi: The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) completed two years on Tuesday, marking progress in cooperation across trade, investment, services and technology, the commerce and industry ministry said.

The agreement, which came into effect on October 1, 2025, is expected to deepen India's economic ties, support industrial growth and export expansion, the ministry noted. EFTA member countries include Iceland, Liechtenstein, Norway and Switzerland.

Commerce and industry minister Piyush Goyal said the agreement has a long-term economic purpose. "It gives Indian exporters access to high-income markets, creates an investment pathway of $100 billion over 15 years, and improves access to specialised machinery, quality inputs and technology partnerships that can strengthen manufacturing in India." "This is important for building scale, improving standards, deepening value addition and moving towards India's 2030 exports ambition," added Goyal. Under the agreement, EFTA countries will reduce or eliminate tariffs on 92.2% of tariff lines, covering nearly 99.6% of India's exports to the region.



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India will offer tariff concessions on 82.7% of tariff lines, accounting for about 95.3% of EFTA exports.

Sensitive sectors such as dairy, soya, coal and certain agricultural products will remain protected, while the effective duty on gold will remain unchanged.

"TEPA reflects India's approach to trade policy as an instrument for expanding exports, strengthening domestic manufacturing, connecting Indian firms to advanced value chains and supporting the larger vision of Viksit Bharat by 2047," the ministry said.