One Year Of TEPA: India-EFTA Trade Pact Opens New Opportunities For Indian Exporters, Says Piyush Goyal

(MENAFN- IANS) New Delhi, Oct 1 (IANS) Union Commerce and Industry Minister Piyush Goyal on Thursday said the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) has opened new opportunities for Indian businesses and exporters, as the pact completed one year since coming into force.

In a post on social media platform X, Goyal described the agreement as a significant milestone in India's economic engagement with the four EFTA countries - Switzerland, Norway, Iceland and Liechtenstein.

He said EFTA nations have committed to facilitate $100 billion in investments in India over the next 15 years, a move expected to help create one million direct jobs.

According to Goyal, the investment commitments will support India's manufacturing and services sectors and contribute to long-term economic growth.

The minister said TEPA provides 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, India has protected sensitive sectors such as dairy, soya, coal and certain agricultural products under the agreement, he noted.

Highlighting the pact's early impact, Goyal said exports of motor cars and other vehicles, heavy waters and moulding patterns have recorded significant growth since TEPA's implementation.

"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.

The minister said the trade agreement is helping strengthen opportunities for Indian exporters across sectors while paving the way for deeper economic cooperation with EFTA countries.

As TEPA completes its first year, the minister noted that the agreement is creating new avenues for businesses, expanding market access and supporting mutual growth and prosperity between India and the EFTA bloc.

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