New Delhi — The Prosperity Summit in New Delhi marked the entry into force of the India–EFTA Trade and Economic Partnership Agreement (TEPA), a landmark deal expected to bring $100 billion in investments and create one million direct jobs in India over the next 15 years.
The agreement links India with the four-nation European Free Trade Association — comprising Switzerland, Norway, Iceland, and Liechtenstein — and aims to expand trade and services while promoting long-term cooperation in technology, finance, and innovation.
Commerce and Industry Minister Piyush Goyal called the deal “a trusted partnership between friends,” saying it was built on “mutual respect and sensitivities.” He described TEPA as “a defining moment in India’s economic engagement with Europe,” and noted that it was “the first trade pact with firm investment commitment ensuring balance and fairness.”
Goyal said the pact’s timing, coming into effect on “Navami” (ninth day of celebrations during the Indian festival of Navratri) and coinciding with the festival of “Vijaya Dashami” (the day of victory and conclusion of Navratri, which marks the triumph of good over evil), symbolizes prosperity and victory of good over adversity. He also noted that “the entire population of the four EFTA countries is less than that of Mumbai city alone,” but added that the partnership is driven by the “big heart and tremendous potential” of the EFTA region.
The minister said TEPA offers new opportunities across sectors, including life sciences, clean energy, precision engineering, education, and digital services, as well as shipbuilding and geothermal energy. He emphasized complementarities between India’s scale and talent and EFTA’s innovation and financial strength, highlighting that India’s data costs are “only 3 percent of those in the United States and less than 10 percent of the global average.”
Calling TEPA “an endless partnership,” Goyal said the agreement establishes “a stable, predictable and trusted framework that boosts investor confidence, reduces costs of uncertainty, and signals to the world that India and EFTA are committed to sustainable growth.”
Swiss State Secretary for Economic Affairs Helene Budliger Artieda said the agreement is “more than a legal document.” She called it “a win-win partnership for our countries,” adding that businesses from EFTA nations “believe in India and are ready to use the Trade and Economic Partnership Agreement. They see the potential, they want to invest, and they are ready to be part of India’s growth story.”
Commerce Secretary Rajesh Agrawal said TEPA’s implementation marks “not just a trade arrangement but the beginning of a new era of shared growth, innovation, and prosperity.” He added that the agreement reflects “collective wisdom and will to strengthen free and fair trade.”
According to the Ministry of Commerce, the agreement will be implemented through sector-specific roadmaps to boost exports in engineering, pharmaceuticals, textiles, food processing, and marine products. It also includes measures to help micro, small, and medium enterprises meet global standards and connect with buyers in EFTA markets.
Both sides will monitor investment and trade outcomes under the pact, which officials say will also facilitate professional mobility in areas such as technology, nursing, accountancy, and education.
The TEPA stands out for pairing market access with a long-term investment objective — a first in India’s trade history. EFTA countries are among the world’s most advanced economies, and their collaboration with India is expected to deepen capital flows, technology partnerships, and skills transfer.
Analysts say that while success will depend on implementation, the agreement strengthens India’s economic bridge with Europe and signals a broader shift toward outcome-driven trade partnerships focused on sustainability and inclusive growth.
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