India’s first free trade agreement with a European economic bloc, the India-EFTA Trade and Economic Partnership Agreement (TEPA), completes one year in force this month, with a target of $100 billion in investment over 15 years and one million direct jobs. The first anniversary is being marked during Swiss President Guy Parmelin’s state visit to New Delhi, which includes the second India-EFTA Prosperity Summit on October 7, 2026.
TEPA links India with Iceland, Liechtenstein, Norway and Switzerland. It was signed on March 10, 2024 and took effect on October 1, 2025. Switzerland is the largest trade and investment partner of India among the EFTA members.
What Is the India-EFTA TEPA Investment Target?
As reported after the October 5 talks between PM Narendra Modi and President Parmelin, TEPA aims to attract $100 billion in investment into India over 15 years and create one million direct jobs. Mr Modi described it as India’s first free trade agreement with a European economic bloc.
Which Indian Exports and Investment Sectors Are in Focus?
Coverage of the talks names agricultural products, pharmaceuticals, textiles and engineering goods as priority export areas. On the investment side, biotechnology, life sciences, banking, insurance, food processing and sustainability were highlighted. For manufacturers, these sectors matter because tariff access under TEPA is meant to improve both export competitiveness and access to Swiss and European capital and technology.
What Do the Leaders Say?
President Parmelin called the visit “a stepping stone towards further growth, deepening and strengthening of our close, broad and long-standing partnership.” Both sides also agreed that reform of global institutions is necessary to deal with global challenges, according to IANS.
Market and Trade Reaction
No trade-body statements or market reaction specific to the anniversary were found in the sources reviewed. Official trade statistics for TEPA’s first year were also not available in the material checked, so this article does not estimate them.
What Happens Next?
The India-EFTA Prosperity Summit on October 7 is the next milestone, with President Parmelin attending to advance concrete outcomes. Investors and exporters should watch for new investment announcements and any implementation steps for the Transport, Mobility and Infrastructure Agreement and the Migration and Mobility Partnership Agreement announced during the visit.
Frequently Asked Questions
When did the India-EFTA TEPA come into force?
The agreement was signed on March 10, 2024 and came into force on October 1, 2025.
Which countries are in EFTA?
Iceland, Liechtenstein, Norway and Switzerland.
How much investment does TEPA target?
$100 billion over 15 years, with one million direct jobs, as stated in reports of the Modi-Parmelin talks.
Sources: Tribune India, Revoi.in, IANS and NewKerala reports dated October 1-5, 2026.
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