India-EFTA Trade Agreement Heralds New Era of Economic Cooperation

The landmark Trade and Economic Partnership Agreement (TEPA) between India and the EFTA States—comprising Iceland, Liechtenstein, Norway, and Switzerland—officially came into effect on Wednesday. This historic agreement represents a significant milestone in the trade and economic bonds between these nations.

Nishant Arya, Vice Chairman of JBM Group, lauded TEPA as a transformative initiative, setting the stage for a remarkable shift in India's energy landscape. Arya highlighted TEPA's potential to guide India towards its target of achieving 500 GW of non-fossil fuel electricity capacity by 2030, leveraging advancements from EFTA nations like Norway and Switzerland.

Commerce and Industry Minister Piyush Goyal praised the robust nature of TEPA, which includes an ambitious goal of attracting USD 100 billion in investments over the next 15 years and generating one million job opportunities. Goyal emphasized that the partnership not only facilitates trade but also strengthens India's position in global negotiations, furthering its economic ascendancy.