Europeann free trade Association States and India forge historic Economic Partnership with TEPA signing

Monday, March 11, 2024

Today, the European Free Trade Association (EFTA) States – namely Iceland, Liechtenstein, Norway, and Switzerland – joined India in signing a momentous Trade and Economic Partnership Agreement (TEPA). This landmark accord is poised to yield substantial economic advantages, fostering more robust and interconnected supply chains, unlocking fresh opportunities for businesses and individuals on both ends, thus catalyzing heightened trade and investment flows, job generation, and overall economic expansion.

At the signing ceremony, Federal Councillor Guy Parmelin, speaking on behalf of the EFTA Member States stated that “EFTA countries gain market access to a major growth market. Our companies strive to diversify their supply chains while rendering them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs. […] All in all, the TEPA will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA States”.

The TEPA substantially improves market access and streamlines customs procedures, thereby facilitating the expansion of Indian and EFTA enterprises within each other’s markets. Additionally, the agreement endeavors to facilitate and stimulate investment opportunities between the participating Parties.

The signing ceremony for the EFTA-India TEPA featured the presence of distinguished figures, including Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution, and Textiles of India; Guy Parmelin, Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education, and Research; Bjarni Benediktsson, Dominique Hasler, Liechtenstein’s Minister of Foreign Affairs; and Jan Christian Vestre, serving as Norway’s Minister of Trade and Industry.

This agreement’s signing marks a pivotal milestone in the relationship between the EFTA States and India, symbolizing the culmination of concerted efforts to cultivate a deeper economic partnership. It underscores the significance of dialogue, cooperation, and mutual comprehension in fostering enduring economic bonds.

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