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India has intensified efforts to implement the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), with commerce secretary Sunil Barthwal embarking on a four-day trip to Norway on 22 November. The visit underscores India's push for broader global trade engagement, as TEPA offers unprecedented opportunities for Indian exports, services, and investments. The agreement, signed in March 2024 with the EFTA countries'Switzerland, Norway, Iceland, and Liechtenstein'aims to bolster India's trade relations with the bloc by removing trade barriers and enhancing market access.
The agreement will give a boost to Make in India and provide opportunities to the young & talented workforce. EFTA is offering 92.2% of its tariff lines which covers 99.6% of India's exports. The EFTA's market access offer covers 100% of non-agri products and tariff concession on Processed Agricultural Products (PAP). India is offering 82.7% of its tariff lines which covers 95.3% of EFTA exports. TEPA is also expected to accelerate the creation of a large number of direct jobs for India's young aspirational workforce in the next 15 years in India, including better facilities for vocational and technical training. TEPA also facilitates technology collaboration and access to world leading technologies in precision engineering, health sciences, renewable energy, Innovation and R&D.
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