EFTA businesses are also preparing to grasp fully the medium and long-term investment opportunities in India, recalling the shared goals in the TEPA of investing USD 100 billion and creating 1 million jobs in India over the next 15 to 20 years (PTI)
Feb 11, 2025 07:45 IST First published on: Feb 11, 2025 at 07:45 IST
Written by Kurt Jager
On August 23, 2023, India made history when it became the first country to land a spacecraft near the moon’s south pole. The mission not only marked India’s emergence as a space power but also highlighted its growing capacity for innovation. It was also a testament to how global trade, collaboration and advanced technologies boost ambitious achievements, propelling nations to new heights. The same principle applies beyond space exploration, extending to economic partnerships that harness expertise, investment and innovation.
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The economic ties between the four European Free Trade Association (EFTA) states (Iceland, Liechtenstein, Norway and Switzerland) and India hold immense potential. The EFTA countries may have small markets, but they are world leaders in advanced technologies and major foreign investors. EFTA industries excel in areas such as precision engineering, renewable energy, pharmaceuticals and financial services — sectors that align with India’s growth ambitions and innovation-driven economy. These strengths position EFTA as a valuable partner in supporting India’s technological advancement, sustainability efforts and investment landscape.
The recently signed EFTA–India Trade and Economic Partnership Agreement (TEPA) opens the door to long-term cooperation. The launch of the EFTA desk in India on February 10 marks a step beyond typical trade facilitation; it represents a commitment to an ambitious, win-win partnership that challenges both sides to think bigger, aim higher and go beyond business as usual.
Even before the TEPA has formally entered into force, its impact is visible. Its signing was not merely the conclusion of a negotiating process; it is the beginning of a new era of partnership. Businesses on both sides are preparing to capitalise on the agreement’s benefits, including reduced tariffs, streamlined customs procedures, enhanced intellectual property protections and a framework for sustainable trade practices. EFTA businesses are also preparing to grasp fully the medium and long-term investment opportunities in India, recalling the shared goals in the TEPA of investing USD 100 billion and creating 1 million jobs in India over the next 15 to 20 years.
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The momentum has become evident this week, with more than 100 EFTA businesses visiting India to explore the opportunities it offers. Such proactive interest is the result of deliberate efforts by the EFTA states to raise awareness of the TEPA’s potential and benefits. Events and outreach activities have laid the groundwork for increased collaboration.
The EFTA desk will be pivotal in turning these opportunities into results. From facilitating partnerships to guiding regulatory frameworks, the EFTA desk will serve as a critical resource for businesses navigating the complexities of a new market.
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The TEPA allows both EFTA and India to go beyond the traditional rationale of trade agreements. For EFTA, this means sharing cutting-edge technologies, innovation and expertise with India’s vibrant economy. For India, it means creating progressive and sustainable conditions to welcome large-scale investment and collaboration from Iceland, Liechtenstein, Norway and Switzerland.
What makes the EFTA–India partnership unique is its long-term focus. This is not merely a transactional arrangement to improve market access, but the basis for a long-term relationship grounded in trust, shared values and a vision for mutual growth. The EFTA desk embodies this commitment by fostering connections that benefit economies and societies of all parties, not just economically but socially and environmentally as well.
As we celebrate the opening of the EFTA desk, we are reminded that this is just the beginning of a promising process. Just as Swiss precision technology played a crucial role in India’s moon mission, Norwegian and Icelandic expertise in renewable energy can support India’s green transition. Building a transformative win-win partnership will require sustained joint efforts. EFTA is committed to working alongside India to unlock new opportunities, drive innovation and contribute to the sustainable prosperity of our societies.
The writer is secretary-general, European Free Trade Association
