The Prosperity Summit in New Delhi marked the entry into force of the India–EFTA Trade and Economic Partnership Agreement (TEPA). The agreement includes an investment objective of USD 100 billion over 15 years and facilitation of creating one million direct jobs in India, while providing wider goods and services access across Switzerland, Norway, Iceland and Liechtenstein. India’s economic trajectory as the world’s fastest growing large economy towards becoming the world’s third-largest economy would create a strong foundation for prosperity.
Union Minister of Commerce and Industry, Piyush Goyal set the tone as he lauded the successful conclusion of the India-EFTA Trade and Economic Partnership Agreement (TEPA). He described the agreement as a defining moment in India’s economic engagement with Europe, stating that it represents “a trusted partnership between friends” built on mutual respect and sensitivities.
The Minister highlighted the pioneering nature of TEPA, pointing out that it is the first trade agreement to incorporate a firm investment commitment, thereby balancing interests and ensuring fairness between partners. He underscored that the entire population of the four EFTA countries is less than that of Mumbai city alone, yet the partnership is driven by the “big heart and tremendous potential” of the EFTA region.
Goyal emphasised the auspicious timing of the agreement, noting that its commencement on Navami, coinciding with Vijaya Dashami, symbolises prosperity, clarity and victory of good over evil. He described TEPA as a beacon of stability and certainty amidst global trade volatility, ambiguity and disruption. The Minister underlined the wide-ranging opportunities opened by the agreement in diverse areas.
The implementation of the TEPA would be through laying sector roadmaps and deepening exports in engineering, pharma & med-tech, food processing, textiles/apparel and marine sectors with Gem & Jewellery [GJ] exports. Under the India–EFTA Trade and Economic Partnership Agreement (TEPA), Gems & Jewellery exports enjoy duty-free access in EFTA markets – a preferential treatment that will continue under TEPA.
The FTA shows the silver lining from Country-wise Market potential for Gems & Jewellery Sector include, 1: Iceland, that can be the center for gold jewellery, silver jewellery, and imitation jewellery. While Norway, looks potential about cut and polished natural diamonds, gold jewellery, silver jewellery, and imitation jewellery. Switzerland may be the destination for cut and polished natural diamonds, gold jewellery, and polished rubies, sapphires, and emeralds-meaning colour gemstones. Now exporters & Apex body have to gaze at the market worth for GJ Exports.
Goyal spoke about complementarities between Indian scale, aspirations and talent, and EFTA’s innovation and financial strength. He highlighted the role of India’s competitive cost structures, citing that data costs in India are only 3% of those in the US and less than 10% of the global average.
Goyal expressed gratitude to leaders, negotiators, industry representatives and officials who contributed to the conclusion of the agreement, including representatives from all four EFTA nations – Iceland, Liechtenstein, Norway and Switzerland.
He acknowledged the tireless work of the negotiating teams, industry chambers such as CII, FICCI and ASSOCHAM, and Invest India for their valuable contributions in mobilising industry support and building confidence in the agreement. India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA) is now effective from 01 October 2025.
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