Alerts & Updates 11th Mar 2024

India-EFTA Trade and Economic Partnership Agreement: Key Outcomes and Implications

Authors

Sanjay Notani Partner | Mumbai
Ambarish Sathianathan Partner | Mumbai
Harika Bakaraju Principal Associate | Mumbai
Mitul Kaushal Consultant | Delhi NCR
Sarthak Yadav Associate | Delhi NCR

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After formally launching negotiations in 2008, India and the European Free Trade Association (EFTA) comprising Switzerland, Iceland, Norway, and Liechtenstein signed the India-EFTA Trade and Economic Partnership Agreement (TEPA) on 10 March 2024. This is the first major free trade agreement signed by India with developed nations.

According to the Government of India, TEPA is expected to promote investment and generate employment in India. Importantly, the Indian government expects TEPA to provide exporters access to quality inputs, thereby giving further impetus to the Atmanirbhar Bharat and Make in India programs. Notably, while India is negotiating several free trade agreements (FTAs) with various other countries in Europe, the TEPA is being seen as a gateway for Indian exporters to access European and other global markets.

Read the detailed update here