Goyal Urges Industry To Tap India–EFTA TEPA Potential

Union Minister of Commerce and Industry Piyush Goyal has called on industry leaders to actively leverage opportunities under the India–EFTA Trade and Economic Partnership Agreement (TEPA), highlighting its potential to attract US$ 100 billion in foreign direct investment and generate up to one million jobs.

Speaking at a commemorative session marking two years of the agreement, organised by ASSOCHAM, the Minister described the pact as a milestone in India’s deepening economic engagement with Europe. He highlighted that the agreement with the European Free Trade Association comprising Switzerland, Norway, Liechtenstein and Iceland, introduces an unprecedented, legally binding investment commitment embedded within a trade agreement.

Goyal noted that this US$ 100 billion commitment is not a memorandum of understanding but a contractual obligation, marking a first in global trade frameworks. The agreement also includes a safeguard mechanism enabling India to withdraw benefits if investment commitments are not fulfilled, another unique feature in international trade agreements.

Positioning the TEPA as a comprehensive framework, the Minister said it spans trade, investment, technology and innovation, while offering near-complete market access across EFTA nations, particularly benefiting India’s services sector. He urged businesses to move “from deal to delivery” by translating policy into tangible trade flows, partnerships and investments.

Highlighting early traction, Goyal pointed to an initial $30 million investment by Iceland in Maharashtra’s fisheries sector, expressing confidence that such investments would scale up significantly over time.

The Minister also referenced progress on other trade fronts, noting that India has concluded agreements with the United Kingdom and the European Union. He added that the India–UK trade agreement, signed during Prime Minister Narendra Modi’s visit to the UK, is progressing swiftly and could be among the fastest to be ratified by the UK Parliament.

At the same time, Goyal reiterated that India has safeguarded sensitive sectors in its trade agreements. He emphasized that areas such as agriculture and dairy remain protected, with no concessions extended to genetically modified (GM) products, ensuring that the interests of farmers, fishermen and MSMEs are not compromised.

He also called on industry bodies to play a proactive role in disseminating awareness about the agreement, particularly among grassroots businesses. Highlighting opportunities across sectors, Goyal encouraged participation from women entrepreneurs, youth, MSMEs, and professionals in fields such as architecture, engineering, IT, healthcare and audiovisual services.

To support industry engagement, the government has established a dedicated FTA facilitation desk in western India to help businesses connect with partners in EFTA countries and explore collaboration opportunities.

Concluding his address, Goyal expressed confidence that Indian businesses are well-positioned to capitalise on global trade agreements despite ongoing geopolitical uncertainties, and that TEPA could emerge as a cornerstone in India’s next phase of economic growth.