The Prosperity Summit in New Delhi marked the entry into force of the India–EFTA Trade and Economic Partnership Agreement (TEPA), which sets an investment target of $100 billion over 15 years and aims to create one million direct jobs in India while opening access to goods and services across Switzerland, Norway, Iceland and Liechtenstein.

Union Commerce Minister Piyush Goyal hailed TEPA as a defining moment in India’s economic engagement with Europe, describing it as a “trusted partnership between friends” rooted in mutual respect. He emphasised that the pact is the first of its kind to include a firm investment commitment, balancing interests and strengthening investor confidence.

The agreement will boost cooperation across life sciences, clean energy, precision engineering, food processing, AI, education, healthcare, shipbuilding and advanced manufacturing. Goyal highlighted complementarities between India’s scale and talent and EFTA’s strengths in innovation and finance, adding that the partnership will enhance growth while protecting sustainability.

He underlined that the pact is not just about tariff cuts but about establishing a stable and predictable framework that signals India and EFTA’s commitment to inclusive growth. The deal is expected to particularly benefit MSMEs, farmers, and services exporters by improving standards cooperation, reducing compliance costs and providing premium-market access.

Swiss State Secretary for Economic Affairs Helene Budliger Artieda described the pact as a “win-win partnership” and reaffirmed EFTA businesses’ belief in India’s growth story. Commerce Secretary Rajesh Agrawal added that the agreement marks the start of a new era of innovation and prosperity, reflecting global confidence in India’s trajectory towards becoming the world’s third-largest economy.