India is actively pursuing the implementation of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), which includes Norway, Iceland, Liechtenstein, and Switzerland. The TEPA was signed in March 2024 and aims to facilitate significant trade and investment opportunities between India and EFTA countries.

India is aiming for $100 billion in investments from EFTA nations over the next 15 years. This investment is expected to create approximately one million jobs in India, particularly benefiting its young workforce.

The TEPA grants India access to 99.6% of the EFTA market, with substantial tariff concessions on non-agricultural products and processed agricultural goods. In return, India offers 82.7% of its tariff lines covering 95.3% of EFTA exports.

The agreement emphasizes sectors such as manufacturing, pharmaceuticals, chemicals, food processing, and infrastructure. It also promotes technology collaboration in areas like renewable energy and health sciences.

During a recent visit to Norway on November 22, 2024, India's Commerce Secretary Sunil Barthwal engaged with Norwegian officials to expedite TEPA's ratification and discuss enhancing trade relations. Meetings included discussions with Tomas Norvoll, State Secretary of the Ministry of Trade, Industry, and Fisheries, as well as Norwegian Parliament members.

The agreement is seen as a catalyst for India's economic expansion as it transitions from being the fifth-largest economy to potentially the third-largest within a few years. This growth is expected to bolster domestic manufacturing under initiatives like "Make in India" and "Atmanirbhar Bharat" (self-reliant India).

The TEPA is projected to generate numerous direct jobs in India over the next 15 years while enhancing vocational training opportunities for the workforce.

This agreement marks a significant step in strengthening ties between India and Norway, promoting not only economic cooperation but also addressing broader issues such as climate change and human rights through collaborative frameworks.

India's push for the TEPA implementation with EFTA reflects its strategic intent to enhance trade relations, attract substantial foreign investments, and foster economic growth through diversified partnerships in Europe.