EFTA Deputy Secretary-General discusses TEPA with Swiss-Indian business community

Signed on 10 March 2024, the TEPA is a historic agreement that marks India’s first free trade agreement with European States. The ratification process is ongoing, with entry into force expected in autumn 2025 pending the completion of domestic approval procedures in the EFTA States and India.

During his presentation, Mr Schlagenhof provided an overview of EFTA’s role and outlined the historical development of the TEPA, which aims to facilitate deeper economic cooperation by enhancing market access, simplifying trade procedures and promoting investments. He explained the next steps required for monitoring and implementing the TEPA to ensure that businesses on both sides can fully benefit from the agreement.

The event brought together key representatives from the economic and business sectors. Participants gained valuable insights into the opportunities presented by the TEPA, and discussions concluded with an engaging Q&A session followed by networking opportunities.

In 2023, trade between the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) and India reached EUR 5.54 billion, with exports from EFTA to India amounting to EUR 2.33 billion. Major export categories include mechanical appliances, pharmaceutical products, and electrical machinery. On the import side, EFTA recorded EUR 3.21 billion worth of goods from India, driven primarily by organic chemicals, clothing accessories and machinery. Read more about merchandise trade between EFTA and India here.