India signed the Trade and Economic Partnership Agreement (TEP

The India-EFTA Trade and Economic Partnership Agreement (TEPA) is significant on multiple counts. EFTA comprises four European nations: Switzerland, Norway, Iceland, and Liechtenstein  not EU members but part of the European single market. TEPA is India’s first trade agreement with any European economic grouping, signed in March 2024 and entering implementation discussions through 2025-26. The headline investment commitment: EFTA nations committed to facilitating USD 100 billion in investments into India over 15 years (binding commitment, not just a target), with an associated goal of creating 10 lakh (1 million) direct jobs in India. India in return offered tariff concessions on goods, while maintaining protection for sensitive sectors. This agreement is strategically important as a precedent and template for India’s much larger and longer-awaited trade negotiations with the European Union.