Trade and Economic Partnership Agreement (TEPA) has the potential to boost 99.6 per cent of Indian exports with market access to European Free Trade Association (EFTA) countries.
TEPA between India and the European Free Trade Association (EFTA) countries signed in March 2024, is set to drive investments worth 100 billion Dollars.
This was conveyed during the visit of a delegation led by Sunil Barthwal, Secretary, Department of Commerce to Norway yesterday. TEPA is a modern, ambitious trade agreement providing market access to 99.6 per cent of Indian exports, with EFTA countries offering concessions on 92.2 per cent of their tariff lines.
This includes complete tariff elimination on non-agricultural products and substantial concessions on processed agricultural products. In return, India has committed to 82.7 per cent of its tariff lines, covering 95.3 per cent of EFTA exports.
India signed TEPA with four developed nations – Switzerland, Iceland, Norway and Liechtenstein – which is an important economic bloc in Europe. The agreement, designed to enhance bilateral trade and investment, covers a wide spectrum of goods, services, and sectors, ensuring a mutually beneficial partnership.
