India’s big trade deal with the European Free Trade Association (EFTA) kicks off on October 1, promising a $100 billion investment boost and one million new jobs over the next 15 years. The four EFTA countries—Switzerland, Norway, Iceland, and Liechtenstein—signed the Trade and Economic Partnership Agreement (TEPA) back in March 2024, and after getting all the necessary approvals, it’s finally ready to roll.
To celebrate, India’s government is throwing a special event at Bharat Mandapam in New Delhi. Commerce and Industry Minister Piyush Goyal will join ministers from the EFTA nations, along with top officials and business leaders, to mark the launch of this India-EFTA TEPA.
The agreement opens doors for smoother trade. EFTA is slashing tariffs on 92.2% of its product lines, covering nearly all of India’s exports to the region—99.6% to be exact. That includes full access for non-agricultural goods and cuts on some processed foods. In return, India is offering tariff relief on 82.7% of its lines, hitting 95.3% of EFTA’s exports. But India keeps duties on gold the same and protects sensitive sectors like pharmaceuticals, medical devices, and processed foods through its Production Linked Incentive (PLI) scheme. Items like dairy, soya, coal, and certain farm goods stay off the table entirely.
For everyday Indians, this means cheaper imports of cool EFTA products. Think Swiss watches, Scotch whisky, and chocolates—tariffs drop, so prices could follow.
The deal goes beyond goods. It sets up mutual recognition for professional services, letting Indian experts in nursing, chartered accountancy, and architecture more easily work in EFTA countries. On intellectual property, it tackles India’s worries about patent evergreening in pharmaceuticals, aiming for fairer rules.
There’s also a strong focus on sustainability, with commitments to labor rights, environmental protection, and human rights woven into the pact.
Minister Piyush Goyal calls this TEPA a “Trust and Efficiency Partnership,” built on mutual trust and shared strengths. He sees it as the start of a fresh chapter in India-EFTA ties, sparking more trade, investment, and innovation between India and these European nations.
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