Two years of India–EFTA TEPA: Goyal urges industry to use $100-billion investment pledge
Commerce Minister Piyush Goyal urged industry on 13 March 2026, at a session marking two years since the India–EFTA Trade and Economic Partnership Agreement was signed, to use its $100-billion investment commitment.
Summary
Commerce and Industry Minister Piyush Goyal addressed an ASSOCHAM session on 13 March 2026 marking two years since the signing of the India–EFTA Trade and Economic Partnership Agreement (TEPA). He highlighted its legally binding commitment of $100 billion in investment from the four EFTA countries — Switzerland, Norway, Liechtenstein and Iceland — and the potential for 1 million jobs, calling it the first time a free trade agreement had been combined with a binding investment pledge. He said Iceland had already invested $30 million in fisheries in Maharashtra, that dairy and other sensitive sectors stay protected with no concessions for GM products, and that the India–UK agreement signed on 24 July could be among the fastest cleared by the UK Parliament. According to PIB, TEPA was signed in New Delhi on 10 March 2024 and came into force on 1 October 2025.
Key facts
- Date
- 13 March 2026 (ASSOCHAM session, by video)
- Agreement
- India–EFTA TEPA
- EFTA members
- Switzerland, Norway, Liechtenstein, Iceland
- Commitment
- $100 billion investment, 1 million jobs (over 15 years)
- Signed / in force
- 10 March 2024, New Delhi / 1 October 2025
- Early investment
- Iceland: $30 million, fisheries, Maharashtra
- Protected
- Dairy; no concessions on GM products
Practice MCQs 3 questions
Which of the following countries is NOT a member of the European Free Trade Association (EFTA), India's partner in TEPA?
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Correct answer: B — Denmark
EFTA's four members are Switzerland, Norway, Liechtenstein and Iceland; Denmark is an EU member.
What legally binding investment commitment does the India–EFTA TEPA contain, as highlighted by Piyush Goyal on 13 March 2026?
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Correct answer: C — $100 billion and 1 million jobs
TEPA carries a $100-billion investment commitment with the potential to create 1 million jobs in India.
Consider the following statements about the India–EFTA TEPA: 1. It was signed in New Delhi on 10 March 2024. 2. It came into force on 1 April 2025. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: TEPA came into force on 1 October 2025, as per PIB.