India-EFTA Trade Deal to Start from October 1: Piyush Goyal (Image Source: File photo of Piyush Goyal | PTI)
Union Commerce and Industry Minister Piyush Goyal announced on Saturday that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will come into effect on October 1, 2025.
Speaking at an event hosted by ASSOCHAM in Mumbai titled "Creating Global Impact Towards Viksit Bharat", Goyal said that all four EFTA countries have now ratified the agreement. They have submitted the required documents to Norway, which acted as the official repository.
“From the first of October, the India-EFTA agreement will be effective,” Goyal confirmed.
The India-EFTA TEPA was signed on 10 March, 2024, by India and the four EFTA nations — Iceland, Liechtenstein, Norway, and Switzerland. The agreement aims to enhance trade and economic cooperation while promoting shared values like sustainable development, corporate social responsibility, and good governance. EFTA, established in 1960, is an intergovernmental organisation focused on promoting free trade among its member countries.
As part of the agreement, EFTA countries have committed to investing up to USD 100 billion in India over the next 15 years, targeting long-term growth and development. These investments aim to create at least 1 million direct jobs in the country. It’s important to note that this does not include foreign portfolio investment (FPI). The agreement also supports principles outlined in the WTO Trade Facilitation Agreement and includes clauses aligned with international standards. Switzerland is India’s leading trade partner among the EFTA countries, with Norway coming next.
Goyal said that India will sign trade agreements only if they benefit the nation. He said that the government remains committed to protecting Indian businesses and workers while expanding global trade opportunities.
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