India has officially launched the Trade and Economic Partnership Agreement (TEPA) with the EFTA nations—Switzerland, Norway, Iceland, and Liechtenstein—marking a significant advancement in trade relations. Union Commerce and Industry Minister Piyush Goyal announced the agreement's commencement on October 1, highlighting its potential to enhance market access for Indian exporters and create millions of jobs.

During a summit in New Delhi, Goyal expressed pride in the agreement, stating, "It’s an absolute honour to have launched the Trade and Economic Partnership Agreement (TEPA) today at the Bharat Mandapam, which has come into effect." He emphasized that this deal positions India strongly in global trade, especially following successful agreements with Australia and the UAE.

The TEPA aims to attract $100 billion in investments over the next 15 years and create one million direct jobs in India. It is expected to simplify customs processes, improve market access, and promote skill recognition, thereby facilitating faster growth for businesses on both sides.

The agreement covers various sectors, including: - **Coffee**: EFTA has removed import duties on all coffee products, providing Indian producers access to premium markets in Switzerland and Norway. - **Tea**: The average price for Indian tea exports is projected to rise, enhancing competitiveness in the EFTA market. - **Textiles and Clothing**: With tariff cuts, India aims to expand its $130 million exports to the EFTA region. - **Sports Goods and Toys**: Most import duties on these items have been eliminated, making Indian products more competitive. - **Leather and Footwear**: The agreement ensures continued zero-duty imports for these products. - **Gems and Jewellery**: Indian gems and jewellery will maintain their duty-free status in EFTA markets. - **Processed Food Products**: Opportunities exist for Indian biscuits, chocolates, and other packaged foods. - **Rice**: The removal of tariffs will enhance the competitiveness of Indian rice. - **Guar Gum & Pulses**: India is expected to increase its market share in these sectors. - **Fresh Produce**: Lower tariffs will facilitate the entry of Indian fruits and vegetables into EFTA markets.

Goyal also noted the robust intellectual property chapter in TEPA, which aims to build trust with EFTA nations, traditionally seen as challenging partners. He stated, "We are confident that given the robust intellectual property laws and enforcement in India, we will not only attract the committed hundred billion dollar investment but we are hoping to attract much more than that."

This agreement represents a crucial step in India's strategy to strengthen its economic ties with developed nations, reflecting its ambition to become the world's third-largest economy.