New Delhi, Oct 7 (IANS): Commerce Secretary Rajesh Agrawal on Wednesday urged Indian exporters and industry bodies to fully leverage opportunities arising from the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), saying the pact offers businesses long-term predictability and a strong foundation for investment-led growth.
Addressing Export Promotion Councils here, Agrawal said the agreement has opened markets on both sides and created new opportunities for trade, investment and supply-chain partnerships.
He highlighted that TEPA entered into force on October 1, 2025 and leaders from all four EFTA member states, namely Iceland, Liechtenstein, Norway and Switzerland are in the national capital to mark the first anniversary of the agreement and discuss the way forward.
Agrawal said EFTA has extended concessions on 92.2 per cent of its tariff lines, covering 99.6 per cent of India’s exports and providing full coverage for non-agricultural products.
India’s commitments cover 82.7 per cent of tariff lines, accounting for 95.3 per cent of EFTA exports, according to him.
He emphasised that TEPA is not merely a tariff-reduction arrangement but provides businesses with predictability and certainty for long-term planning.
“The most important element for business is predictability. Tariffs will remain stable for the foreseeable future, with no surprises. Businesses can therefore make investments, build supply chains and plan for the future with confidence,” Agrawal said.
He urged Indian companies to collaborate with businesses in EFTA countries to create integrated value chains spanning inputs to finished products, thereby strengthening reliability and competitiveness on both sides.
“If you are able to create quality products in this market, then you are ready for any other market,” he said.
The government official also pointed to significant opportunities in the agriculture sector, noting that tariffs on several products have been reduced to zero in EFTA markets.
Under the pact, EFTA states aim to increase foreign direct investment into India by $50 billion within 10 years of the agreement’s implementation and a further $50 billion over the succeeding five years, while facilitating the creation of one million jobs in India within 15 years.
