New Delhi: India is closing in on striking a historic trade agreement with European countries, with Commerce Minister Piyush Goyal meeting with Norway’s Foreign Minister Espen Barth Eide in Oslo to discuss the rollout of the India-EFTA Trade and Economic Partnership Agreement (TEPA).
Signed in March 2024, the India EFTA Pact—which comprises Iceland, Liechtenstein, Norway, and Switzerland is likely to take effect this year. It is expected to yield significant benefits to both parties, including a commitment of $100 billion worth of investments over 15 years from EFTA countries into India. In exchange, India will reduce or withdraw tariffs on luxury imports, including Swiss watches, chocolates, and cut diamonds.
‘This deal enhances our bilateral trade relationship and is consistent with India’s long-term economic aspirations,” said Minister Goyal, adding that it was his first meeting in Oslo.
The agreement aims to enhance economic cooperation, job opportunities, and industrial diversification, aligning with India’s ongoing efforts to establish high-impact international trade relations. The EFTA agreement is also likely to open up sectors such as pharmaceuticals, machinery, renewable energy, and IT services for India.
Commerce Minister @PiyushGoyal met @RachelReevesMP, Chancellor of the Exchequer along with @JReynoldsMP, Secretary of State for Business and Trade, UK.
Had a fruitful exchange on advancing India-UK economic ties: Union Minister pic.twitter.com/s3Peq204k2
— DD India (@DDIndialive) April 30, 2025
Discussions focused on discipline, precision, and concurrence between India and Norway in facilitating the timely implementation of the agreement. With the implementation process in place, stakeholders on both sides are optimistic about accelerating bilateral trade and deepening diplomatic cooperation.
With India continuing its pursuit of mutually beneficial global partnerships, the India-EFTA Pact remains a beacon of trust-based, forward-looking international cooperation, facilitating business, innovation, and economic development.
