The India-EFTA (Switzerland, Norway, Liechtenstein, Iceland) Trade and Economic Partnership Agreement (TEPA) grants access to almost 95% of Swiss exports to India with customs relief.
The TEPA agreement was signed on March 10, 2024, after 16 years of negotiation.
Likely date of implementation is September 2025.
Strategic Significance of TEPA
- India’s Goals: A reciprocal model—market access in exchange for major capital inflows—supports “Make in India” & supply chain diversification
- EFTA’s Benefits: Preferential access for EFTA exports (machinery, luxury goods), opportunities to diversify supply chains away from EU-centric dependencies
- EFTA commits to $100 billion investment in India over 15 years, aiming to create 1 million jobs.
- The agreement also offers improved market access for Indian services in Switzerland, Norway, Liechtenstein, and Iceland.
Key Highlights of the TEPA FTA
Benefits for India:
- Over 99% of Indian goods exported to Switzerland will benefit from zero tariffs, significantly boosting India’s exports.
- The agreement provides permanent access for Indian services in EFTA countries, opening up new opportunities in areas like IT, business services, and education,
- EFTA has committed to increasing foreign direct investment (FDI) in India by $100 billion over 15 years, with the aim of generating 1 million direct employments in India.
The FTA with India brings the following tariff reductions for important Swiss export products.
