Union Commerce and Industry Minister Piyush Goyal on 1 October 2026 marked the first anniversary of the India-EFTA Trade and Economic Partnership Agreement (TEPA) coming into force, saying the pact has opened significant new opportunities for Indian businesses and exporters. Goyal made the remarks in a post on social media platform X, describing TEPA as a milestone in India's economic engagement with the four European Free Trade Association (EFTA) member nations — Switzerland, Norway, Iceland, and Liechtenstein.

The Investment and Jobs Commitment

At the heart of the agreement is a pledge by EFTA nations to facilitate $100 billion in investments in India over the next 15 years, a commitment the minister said is expected to generate one million direct jobs. According to Goyal, these investment inflows are designed to strengthen both India's manufacturing and services sectors, contributing to long-term economic growth. This positions TEPA as one of the more ambitious investment-linked trade deals India has signed in recent years.

Market Access and Sensitive Sector Protections

TEPA provides India with market access on 92.2 per cent of tariff lines, covering 99.6 per cent of India's exports to EFTA countries, including complete coverage for non-agricultural products. At the same time, New Delhi has safeguarded politically and economically sensitive sectors — including dairy, soya, coal, and certain other agricultural products — from full liberalisation under the agreement. This dual structure reflects India's characteristic approach of securing export gains while ring-fencing domestic producers.

Early Export Gains Since Implementation

Highlighting the pact's early trade impact, Goyal pointed to measurable export growth in specific categories. 'A notable outcome is that India's exports of motor cars and other motor vehicles, heavy waters and moulding patterns have grown significantly since the implementation of TEPA. This is just the beginning,' he said. While the minister did not provide specific trade volume figures in his statement, the sectors cited represent higher-value export segments, suggesting the agreement is beginning to shift India's export basket toward more complex goods in these corridors.

Broader Context and What Comes Next

TEPA, signed in March 2024 and ratified into force in October 2025, was widely regarded as a template for India's broader free trade ambitions, particularly as negotiations with the European Union continue separately. The pact was notable for including a binding investment facilitation clause — a first for India in a trade agreement — making the $100 billion figure legally anchored rather than aspirational. This comes amid India's push to diversify trade partnerships beyond traditional markets and attract high-quality foreign direct investment tied to job creation. As the agreement enters its second year, industry stakeholders and trade analysts will be watching whether investment disbursements begin to track the commitments made at the time of signing.