India-EFTA TEPA: Commerce Secretary urges exporters to use the pact
Why in the news
Commerce Secretary Rajesh Agrawal gave the keynote address at an outreach event for major exporters, part of the 2nd India-EFTA Prosperity Summit 2026, in New Delhi on 7 October 2026. He asked exporters to make full use of the Trade and Economic Partnership Agreement (TEPA).
Key facts
- TEPA between India and the European Free Trade Association came into force on 1 October 2025.
- EFTA members: Iceland, Liechtenstein, Norway and Switzerland.
- EFTA countries together import goods and services worth over $500 billion a year.
- Non-agricultural products from India get full coverage in EFTA’s offer.
- Investment chapter (Article 7.1): target of $50 billion FDI within 10 years and another $50 billion in the following 5 years.
- Jobs: aim to create 1 million jobs in India within 15 years.
- Agrawal said firms that make quality products for this market are ready for any market.
| Offer | Tariff lines | Trade covered |
|---|---|---|
| EFTA to India | 92.2% | 99.6% of India’s exports |
| India to EFTA | 82.7% | 95.3% of EFTA exports |
About EFTA
The European Free Trade Association groups four European countries. TEPA is India’s trade pact with this bloc and stands out for its investment and job-creation commitment under Article 7.1.
Exam angle
- Four EFTA members – Iceland, Liechtenstein, Norway, Switzerland.
- TEPA in force: 1 October 2025.
- Total investment commitment: $100 billion over 15 years; 1 million jobs.