India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) has completed one year, with Commerce and Industry Minister Piyush Goyal highlighting new opportunities for Indian exporters and deeper economic cooperation with the EFTA bloc. The agreement between India and EFTA — comprising Switzerland, Norway, Iceland and Liechtenstein — came into effect on October 1, 2025. It aims to expand trade and investment while creating greater market access for businesses on both sides. Key Highlights India-EFTA TEPA completed one year of implementation. Piyush Goyal highlighted opportunities for Indian exporters in EFTA markets. The agreement covers trade in goods and services as well as investment. EFTA has committed to increasing investment in India under the pact. Indian businesses can benefit from improved access to European markets. What Is the India-EFTA TEPA? The Trade and Economic Partnership Agreement, or TEPA, is a comprehensive trade agreement between India and the four EFTA member countries. The pact was signed in March 2024 after several years of negotiations and entered into force on October 1, 2025. EFTA members Switzerland, Norway, Iceland and Liechtenstein are important European economies with strong purchasing power and significant expertise in sectors such as pharmaceuticals, machinery, chemicals, financial services and technology. For India, the agreement provides a framework for expanding exports and strengthening economic ties with these markets. Piyush Goyal Highlights Export Opportunities Commerce and Industry Minister Piyush Goyal has highlighted the opportunities created by the agreement for Indian exporters as TEPA completes its first year. The pact provides Indian businesses with improved access to EFTA markets across a range of products and services. The agreement is particularly relevant for Indian sectors seeking to expand their presence in European markets, including textiles, engineering products, pharmaceuticals, processed food, gems and jewellery and other manufactured goods. For exporters, lower or reduced trade barriers can make Indian products more competitive in international markets. Investment Is a Major Part of the Agreement One of the notable elements of TEPA is its focus on investment alongside trade. EFTA countries committed to promoting investments in India under the agreement. The investment component is intended to support the creation of jobs and strengthen India's manufacturing and business ecosystem. The agreement also seeks to encourage greater participation by EFTA companies in India's growing economy. This makes TEPA different from an agreement focused only on reducing tariffs on goods. How TEPA Can Help Indian Exporters Indian exporters can use the agreement to explore new customers and expand their presence in EFTA countries. Sectors such as pharmaceuticals, food products, textiles, engineering goods, machinery and chemicals can potentially benefit from improved market access. However, exporters still need to meet the specific rules and standards applicable in individual EFTA markets. These can include product standards, certification requirements, labelling rules and rules of origin. Therefore, the agreement creates market-access opportunities, but businesses still need to understand the requirements of each destination market. Focus on MSMEs and New Markets Small and medium-sized businesses are an important part of India's export ecosystem. Greater awareness of TEPA among MSMEs could help smaller Indian companies explore markets that they may not have previously considered. Exporters can use trade agreements alongside government export-support programmes to understand tariffs, regulatory requirements and potential buyers. Digital commerce and improved logistics could further support businesses seeking international customers. India-EFTA Trade Relations EFTA countries have established economic relationships with India across several sectors. Switzerland is particularly important in India's European trade relations, while Norway has significant expertise in areas such as maritime industries, energy and technology. Iceland and Liechtenstein also offer opportunities in specialised sectors. TEPA provides a common framework for expanding these relationships. The agreement also forms part of India's wider strategy of negotiating trade partnerships with major international markets and integrating Indian businesses more closely with global supply chains. What the First Year Means for India The completion of one year provides an opportunity to assess how businesses are using the agreement and where further work may be needed. Trade agreements generally take time to translate into higher exports because companies need to identify buyers, adapt products, meet regulatory standards and establish supply chains. For Indian exporters, awareness and effective use of the agreement will therefore be important in turning improved market access into actual business opportunities. As TEPA moves into its second year, exporters are expected to focus on expanding their presence in EFTA markets while businesses and governments continue working on implementation.
