The Trade and Economic Partnership Agreement binds India with the EFTA States: Iceland, Liechtenstein, Norway and Switzerland

Background

The Trade and Economic Partnership Agreement (TEPA) is between India and the EFTA States, which are Iceland, Liechtenstein, Norway and Switzerland. The TEPA between India and the EFTA States was signed on 10 March 2024 in New Delhi and entered into force on 1 October 2025. Together India and the EFTA States represent a combined GDP of about USD 5.4 trillion. The entry into force was marked by a high-level event, the Prosperity Summit, in New Delhi hosted by Shri Piyush Goyal, Minister of Commerce & Industry of India. The dignitaries welcomed the shared objectives to mobilise USD 100 billion of investments in India over fifteen years and to support the creation of one million direct jobs, with an investment facilitation mechanism to monitor delivery. The agreement provides enhanced market access and streamlines customs procedures, making it easier for Indian and EFTA businesses to expand their operations into growing markets. The parties note that trade in goods has increased steadily over time and trade in services has roughly doubled in the last decade.