The India-EFTA Trade and Economic Partnership Agreement (TEPA) marks a significant milestone in India’s pursuit of Free Trade Agreements (FTAs) by fostering closer economic ties with European Free Trade Association (EFTA) countries – Switzerland, Norway, Iceland, and Liechtenstein. This agreement signals India’s strategic shift towards the Western world and underscores its commitment to trade liberalisation amidst a backdrop of rising protectionism globally.
TEPA aims at attracting $100 billion in investments from EFTA nations, promising one million jobs over 15 years. The agreement focuses on trade in goods, services, and sustainable development initiatives while addressing intellectual property rights and regulatory frameworks. With a keen emphasis on market access and tariff concessions, TEPA opens new avenues for trade across various sectors, including agriculture, technology, and services.
Through TEPA, India is set to deepen its economic footprint on the global stage, setting the stage for a new era of economic collaboration, growth, and shared prosperity. As the agreement unfolds, its implementation and outcomes will shape the future trajectory of trade relations between India and EFTA countries.
