Marking the first anniversary of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which entered into force on 1 October 2025, the 2nd India-European Free Trade Association (EFTA) Prosperity Summit was held at Bharat Mandapam, New Delhi, on 7 October 2026. The Summit brought together President of the Swiss Confederation H.E. Mr. Guy Parmelin; Union Minister of Railways, Information and Broadcasting, and Electronics and Information Technology Shri Ashwini Vaishnaw; Minister of State for Commerce and Industry, and Electronics and Information Technology Shri Jitin Prasada; Commerce Secretary Shri Rajesh Agrawal; and Ministers and senior representatives from Iceland, Liechtenstein and Norway, along with the EFTA Secretariat.
TEPA brings together India and a group of advanced European economies in a framework that supports trade, investment, services, technology collaboration and long-term industrial growth. Under Article 7.1 of TEPA, the EFTA States aim to increase foreign direct investment into India by USD 100 billion over 15 years and facilitate the generation of one million jobs in India.
Speaking at the Plenary Session of the Summit, Union Minister Shri Ashwini Vaishnaw said that India would continue to grow at 6 to 8 per cent in real terms over at least the next five years. The Minister outlined four pillars underpinning India's growth: public investment in physical, social and digital infrastructure; inclusive growth; manufacturing; and simplification. Highlighting the expansion of the electronics sector, he noted that electronics exports had grown eleven-fold and electronics manufacturing seven-fold. Addressing the EFTA partners, he said, “We believe that it's a win-win for us. We believe that this will open opportunities for you. We believe that it will create value for you.”
President Parmelin said that he had come to India with the largest business delegation ever to accompany a President of the Swiss Confederation. He noted that around 53 Swiss companies had investment plans in India across 20 sectors. “Governments cannot decide where private companies invest, nor should they. But we can create the conditions that give companies confidence to take the next step,” he said, welcoming progress in negotiations on a new investment protection agreement between Switzerland and India. “There is practically no Indian state without a Swiss company,” he said. “Together, we will continue to move mountains for mutual prosperity.”
Norway's State Secretary, Ms. Astrid Bergmål said that around 160 Norwegian companies were active in India. Liechtenstein's Minister Mr. Hubert Büchel spoke about the contribution of Liechtenstein companies to vocational training in India, while Iceland's Minister Mr. Jóhann Páll Jóhannsson called for translating the Agreement's potential into projects, investments and jobs.
Commerce Secretary Shri Rajesh Agrawal said that TEPA goes beyond tariffs to cover services, investment, intellectual property, government procurement and sustainable development. He noted that the Agreement provides improved market access for Indian engineering goods, chemicals, textiles and processed foods. “The quality of economic relations is shaped not only by the commitments that are negotiated, but also by the quality and continuity of the dialogue that follows,” he said. He called for both sides to take steps to address non-tariff measures to bring greater predictability for businesses.
Summing up the discussions, Shri Jitin Prasada said that the Government would leave no stone unturned to support investments. He called upon industry to ensure that the benefits of the Agreement reach small and medium enterprises and young people in both regions.
Shri Ashwini Vaishnaw and Shri Jitin Prasada also interacted with global CEOs of Swiss companies to highlight the initiatives taken by the Government of India to promote ease of doing business. They underscored India's commitment to addressing issues faced by businesses and investors.
On the sidelines of the Summit, Shri Jitin Prasada held bilateral meetings with H.E. Mr. Jóhann Páll Jóhannsson, Minister for Environment, Energy and Climate of Iceland, and H.E. Mr. Hubert Büchel, Minister of Home Affairs, Economy and Sport of Liechtenstein. Commerce Secretary Shri Rajesh Agrawal also held a bilateral meeting with H.E. Ms. Astrid Bergmål, State Secretary in Norway's Ministry of Foreign Affairs.
The Summit also included sectoral business-to-business meetings were held on smart and advanced manufacturing, healthcare and life sciences, the blue economy and maritime excellence, and clean energy and climate innovation.
Earlier in the day, Commerce Secretary Shri Rajesh Agrawal delivered the keynote address at the Outreach Event for major exporters, organised by the Department of Commerce as part of the 2nd India-EFTA Prosperity Summit 2026. The event brought together Export Promotion Councils, industry associations, exporters and representatives of businesses from the EFTA States to promote the utilisation of opportunities under TEPA.
Highlighting the market access commitments under TEPA, he said that EFTA's commitments cover 92.2 per cent of its tariff lines, accounting for 99.6 per cent of India's exports, with full coverage of non-agricultural products. India's commitments cover 82.7 per cent of tariff lines, accounting for 95.3 per cent of EFTA exports.
Shri Agrawal said that the Agreement was not only about tariffs, but also about predictability for businesses. With tariffs remaining stable for the foreseeable future, businesses could make investments, build supply chains and plan for the future with confidence. He urged Indian companies to partner with businesses in the EFTA States and build value chains together, from inputs to final products.
Describing the EFTA States as high-income markets that demand and value quality, he said, “If you are able to create quality products in this market, then you are ready for any other market.” He said that quality earned in these markets would be appreciated and valued in every market.
He also highlighted the export opportunities in agriculture, noting that duties on many products had come down to zero in these high-consumption markets. He urged exporters to identify these products and build long-term supply to the EFTA States. The Commerce Secretary said that the EFTA States together import goods and services worth over USD 500 billion a year, providing an important market for India's exports.
Shri Agrawal called on Export Promotion Councils, industry associations and State Governments to take the opportunities offered by the Agreement to businesses across the country so that they understand what a free trade agreement offers. He asked them to prepare five-year action plans with each partner country, setting out how India would grow in each market and identifying non-tariff issues to be addressed.
“The idea is not that businesses in EFTA countries only see India as an extension of their market. The idea is also that businesses in India should see the market of EFTA countries as an extension of their market,” he said.
Shri Agrawal said that a key feature distinguishing TEPA from other agreements was its investment commitment. Under Article 7.1, the EFTA States shall aim to increase foreign direct investment from EFTA investors into India by USD 50 billion within ten years of the Agreement's entry into force and by an additional USD 50 billion over the succeeding five years. They shall also aim to facilitate the generation of one million jobs in India within 15 years.
He said that India was a growing market with investment opportunities across sectors and that deeper business partnerships on both sides could take investment beyond this level.
Abhishek Dayal/ Garima Singh/ Ishita Biswas