Lauding the India-EFTA Trade and Economic Partnership Agreement (TEPA) coming into force, Union Commerce and Industry Minister Piyush Goyal on Wednesday referred to India's trade agreements with some advanced economies as also ongoing negotiations including with EU and said India is rapid
The landmark Trade and Economic Partnership Agreement (TEPA) between India and the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) came into force on Wednesday, representing a significant milestone in the trade and economic relations between the parties.
In an X post, the Union Minister said the agreement's enforcement would unlock new opportunities for trade, investment, and job creation, benefiting Indian businesses and citizens alike.
India has ratified the TEPA trade deal with EFTA by submitting its instrument to Norway. With all parties now on board, the agreement is set to take effect within three months, boosting trade ties. Ambassador Acquino Vimal also visited key innovation and cybersecurity hubs in Norway.
The India-EFTA Trade and Economic Partnership Agreement (TEPA) will come into effect from October 1, Union Commerce and Industry Minister Piyush Goyal announced on Saturday.
Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland, on Tuesday said India is a preferred place for Swiss industry, as she highlighted India's huge consumer base, firm economic growth, and being a democracy.
Commerce Minister Piyush Goyal indicated on Wednesday that the Swiss part of the EFTA will possibly be implemented from October 2025, with the other three countries -- Iceland, Liechtenstein, and Norway-- already having ratified the trade deal.
Schneider welcomed the growing momentum around the India-EFTA Trade and Economic Partnership Agreement (TEPA), noting that many previously hesitant Swiss companies are now engaging more actively with India through trade shows and investment forums.
EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States - Switzerland, Iceland, Norway and Liechtenstein.
Commerce Minister Piyush Goyal held a bilateral meeting with the Norwegian Minister of Foreign Affairs Espen Barth Eide, where they discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement.
He spoke on geopolitical challenges, tariff threats, and possible trade wars and expressed confidence in the path forward for the India-Switzerland bilateral economic partnership with the conclusion of the India-EFTA Trade and Economic Partnership Agreement (TEPA)