India, EFTA trade pact comes into force: Union Commerce Minister Piyush Goyal

This is perhaps the first free trade agreement (FTA) which has an investment commitment “to balance and make the two sides equitable”, he said at the India-EFTA Prosperity Summit in New Delhi where officials and business persons of India and EFTA countries –– Norway, Switzerland Iceland and Liechtenstein –– were present.

His comments referred to the EFTA’s investment commitment to make the trade deal equitable and a win-win for both sides. While India offered them access to its vast and growing market, relatively smaller in population and market-size, the four developed European nations reciprocated by offering a $100 billion investment commitment in India over 15 years.

Goyal said the FTA will also boost India’s services exports in IT, education and the audio visual sectors, and create new opportunities for Indian youth. India and the EFTA bloc signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024, and after legal ratifications by respective countries, it came into force from October 1.