New Delhi, March 10
The Trade and Economic Partnership Agreement between India and the European Free Trade Association has completed two years since its signing, with the government on Tuesday highlighted that the pact is strengthening cooperation in trade, investment, services and technology.
The agreement, which came into effect on October 1, 2025, is expected to deepen India's economic ties with the EFTA member countries -- Iceland, Liechtenstein, Norway and Switzerland -- while supporting industrial growth and export expansion, Ministry of Commerce & Industry said.
Prime Minister Narendra Modi said India has steadily built a strong network of trade partnerships in recent years.
"The fact that India now has FTAs with 38 countries reflects a major shift in the country's trade strategy," PM Modi stated.
"These agreements connect India with economies across continents and offer Indian producers the opportunity to access diverse global markets," Prime Minister Modi mentioned.
The Prime Minister also noted that India's service sector has already established the country as a hub for Global Capability Centres.
With clearer regulations and better mobility provisions under trade agreements, Indian professionals are expected to gain more opportunities abroad.
"India's manufacturing sector has made significant progress in recent years and the FTAs will help integrate Indian products more deeply into global supply chains," PM Modi explained.
Union Commerce and Industry Minister Piyush Goyal said the India-EFTA TEPA is designed with long-term economic goals in mind.
"The agreement will provide Indian exporters better access to high-income markets in Europe and also open an investment pathway worth $100 billion over the next 15 years," Goyal noted.
According to him, the pact will also help Indian industries access advanced machinery, quality inputs and technology partnerships needed to strengthen manufacturing.
Under the agreement, EFTA countries will reduce or eliminate tariffs on 92.2 per cent of tariff lines, covering nearly 99.6 per cent of India's exports to the region.
India, in turn, will offer tariff concessions on 82.7 per cent of tariff lines, accounting for about 95.3 per cent of EFTA exports.
However, sensitive sectors such as dairy, soya, coal and certain agricultural products remain protected, while the effective duty on gold will remain unchanged.
- IANS
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