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New Delhi: India, on Tuesday, July 22 2025, ratified the free trade agreement with the four-nation bloc EFTA (European Free Trade Association) with Norway, one of the four countries. The EFTA includes four non-European Union (EU) countries, viz., Iceland, Liechtenstein, Norway, and Switzerland. The trade bloc was established on January 4, 1960 in Stockholm and was envisioned as an alternative to the European Union.
The pact, officially known as the Trade and Economic Partnership Agreement (TEPA), is set to be implemented from October 1, 2025, said the Commerce and Industry Minister Piyush Goyal.
"India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA," according to a post by the Indian Embassy in Norway on X. The two sides agreed to sign the agreement on March 10, 2024.
As per the agreement, India is set to get an investment worth $100 billion in 15 years from the EFTA member countries. Additionally, India has allowed duty-free access of Swiss watches, chocolates, and cut and polished diamonds in exchange for the investment commitment.
Some famous Swiss brands like Rolex, Omega, and Nestlé are in the Indian market. Nestle is the third biggest FMCG product in India. Switzerland is the largest trading partner of India within the EFTA bloc, followed by Norway. India has a trade deficit with Switzerland because of the gold imports.
The bilateral trade between India and EFTA stood at USD 18.65 billion in the fiscal year FY23. Indian exports to EFTA countries stood at $1.92 billion, and imports stood at $16.74 billion.
