India is setting up a dedicated EFTA (European Free Trade Association) desk to strengthen trade, investment, and business ties with the four-nation bloc, according to an official statement on Monday. The India-EFTA free trade agreement, officially known as the Trade and Economic Partnership Agreement (TEPA), was signed on March 10 last year and is expected to come into effect by the end of this year. The EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland.

A key highlight of this agreement is EFTA’s commitment to invest $100 billion in India over the next 15 years, in return for lower or zero duties on several European products such as Swiss watches, chocolates, and polished diamonds. This investment pledge is a first-of-its-kind feature in any of India’s trade agreements so far.

The EFTA desk, serving as a centralized support platform, will provide market insights, regulatory guidance, and business matchmaking opportunities for European companies looking to expand in India. It will also help them navigate India's policy and investment landscape.

The desk will be inaugurated at Bharat Mandapam on Monday by Commerce and Industry Minister Piyush Goyal, alongside key EFTA representatives, including Helene Budliger Artieda (Swiss State Secretary), Tomas Norvoll (Norway’s State Secretary of Trade and Industry), Martin Eyjolfsson (Permanent Secretary of State, Iceland), and Dominique Hasler (Minister of External Affairs, Liechtenstein).

A high-level EFTA-India business roundtable will also take place, bringing together over 100 top businesses from both regions. Discussions will focus on collaboration in sectors like pharmaceuticals, life sciences, financial services, fintech, engineering, energy, seafood, maritime, food processing, and agritech. The roundtable aims to facilitate joint ventures, investment opportunities, and technology partnerships under TEPA.

Trade between India and EFTA has been growing steadily, reaching $24 billion in 2023-24, up from $18.65 billion in 2022-23. However, the trade balance currently favors the EFTA bloc.

Among EFTA members, Switzerland is India's largest trading partner and investor, followed by Norway. Between April 2000 and September 2024, India received $10.72 billion in foreign direct investment from Switzerland alone.

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