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India-EFTA deal to take effect from Oct 1: Piyush Goyal
India’s free trade agreement with the European Free Trade Association (EFTA) will come into force on October 1, 2025, Commerce and Industry Minister Piyush Goyal announced on July 19. The Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024, after nearly 16 years of negotiations.
Under TEPA, the EFTA bloc, which comprises Iceland, Liechtenstein, Norway and Switzerland, has committed to investing USD 100 billion in India over the next 15 years. The investment will be split into USD 50 billion in the first 10 years of the agreement's implementation and another USD 50 billion in the subsequent five years. This commitment is expected to generate 1 million direct jobs in India, making it the first trade agreement signed by India that includes a binding investment pledge.
India has agreed to eliminate or reduce duties on 82.7 percent of its tariff lines, covering 95.3 percent of EFTA exports. India-EFTA bilateral trade reached USD 24.4 billion in 2024–25, with Switzerland being India’s largest trading partner within the bloc.